Axxis Geo Solutions gets North Sea contract cancellation

Axxis Geo Solutions (AGS), a Norwegian ocean bottom node seismic company, has received a cancellation of a small contract in the North Sea.

Illustration. Source: Axxis Geo Solutions

AGS stated on Thursday that the contract was scheduled to be executed in the second quarter of 2020.

The company added that it had not previously announced this contract, but the contract was presented as firm in the fourth quarter 2019 presentation.

According to the company, the contract revenue was estimated at $1 million, and AGS will receive a cancellation fee of 25 percent of the estimated revenue amount as compensation.

This is the third canceled contract for a seismic company in March. Polarcus received two cancelations from its clients earlier this month, one for a survey offshore West Africa and one in the Asia Pacific region.


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