Seismic data acquisition company Axxis Geo Solutions (AGS) has begun a 3D ocean bottom node survey in the Middle East.
"The work has now commenced and will continue through most of the first quarter of 2020," Oslo-listed seismic survey company said.
The letter of intent for the contract was signed in September, however, after months of delays, the firm contract was signed on December 30, 2019.
AGS in December said that as a consequence of the delayed contract award and the start of the work, the company was considering various options to strengthen its working capital position.
In a statement on Friday, announcing the survey start, AGS said: "The revenue stream from this contract, as well as progress made with short term creditors and suppliers, are important milestones towards the company’s previously announced intention to strengthen its working capital position."
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