Axxis Geo Sees Survey Contract Cancelled

Illustration only: An AGS Vessel - Credit; AGS
Illustration only: An AGS Vessel - Credit; AGS

Marine seismic survey company Axxis Geo Solutions has said a client has canceled a contract for work in the North Sea.

Axxis Geo Solutions, specializing in Ocean Bottom Node surveys, said the cancellation was "on a small contract in the North Sea which was expected to be conducted in second quarter 2020."

"No specific announcement has previously been issued regarding this contract, but the contract was communicated as firm in the fourth quarter 2019 presentation," Axxis Geo Solutions said.

The contract revenue was estimated at USD 1 million, and AGS will receive a cancelation fee of 25% of the estimated revenue amount.

In the past few days two other Oslo-listed offshore survey companies Polarcus and EMGS saw their contracts canceled or delayed.

Polarcus lost two contracts in Asia and Africa, while EMGS, citing COVID-19, saw its survey with BP in Mauritania/Senegal postponed.

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