Axxis Geo Solutions bags extension for Middle East OBN survey
- Business & Finance
Axxis Geo Solutions (AGS), a Norwegian ocean bottom node seismic company, has received an extension for a contract in the Middle East.
The initial contract was for a large OBN survey in the Middle East awarded in late December 2019 after a delay in mid-December 2019 and a letter of intent in September of that year. The work under the final contract award started in January 2020.
At the time of the contract award, four AGS vessels were already mobilized to Malta in anticipation of the start of the survey.
AGS said on Thursday that the extension for the contract was for an additional seven vessel months and that it would continue into the second quarter of 2020.
Lee Parker, AGS CEO, said: “This extension adds profitability and cash flow to the overall project, whilst offering our client a cost-effective addition to their venture. We also register that AGS’ track record of safe and efficient operations continues to position us for future contract wins.
“The added work, together with recently announced LOI for a North Sea contract, will be helpful in the ongoing process of strengthening the company’s working capital.”
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