Axxis Geo Solutions (AGS), a Norwegian ocean bottom node seismic company, has begun working on a large 3D ocean bottom node (OBN) survey in the Middle East.
AGS said on Friday that it had started working on the survey and that it would continue through most of the first quarter of 2020.
The company added that the revenue stream from this contract, as well as progress made with short term creditors and suppliers, were important milestones towards AGS’ intention to strengthen its working capital position.
It is worth reminding that the initial letter of intent for this contract was awarded to AGS on September 23, 2019. The signing of the final contract was delayed in mid-December when the company stated that it was making “significant efforts” to finalize the final contract and begin operation.
At the time, the client and its partners were discussing a reduced initial scope of work compared to the initial scope of 28 vessel months and that the delay of the execution of the contract. Consequently, the contract award to AGS was also delayed.
The company was awarded the final contract for the OBN survey back on December 30, 2020. At the time of the contract award, AGS stated that it had already mobilized four vessels to Malta in anticipation of the start of the contract.
Offshore Energy Today Staff
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