Axxis Geo Solutions sells 65-meter seismic survey vessel

Financially troubled ocean bottom node seismic player Axxis Geo Solutions has completed the sale of its seismic survey vessel Neptune Naiad.

Axxis Geo Solutions entered into a Memorandum of Agreement (MoA) with Sanco Holding in May for the sale of the 65-meter long vessel and certain equipment.

The company also reported that it had repaid the remaining principal and accrued interest under the loan with Eksportkreditt Norge, which was guaranteed by Danske Bank and GIEK.

To remind, in January, Axxis Geo Solutions said it was looking to address its debt situation and improve its balance sheet through a capital restructuring.

The Norwegian company shortly after decided to apply for bankruptcy protection as it failed to reach an agreement with all creditors in order to implement a voluntary solution to refinance the company.