Subject to fulfillment of certain conditions, the work is expected to commence in the second quarter of 2020
Axxis Geo Solutions awarded a letter of intent. (Credit: Gerd Altmann from Pixabay)
Axxis Geo Solutions (AGS) has signed a Letter of Intent (LOI) with a major international oil company to commence an Ocean Bottom Node (OBN) survey in the North Sea.
Subject to fulfillment of certain conditions, the work is expected to commence in the second quarter of 2020. The scope of work will include acquisition of 67 km2 of receiver area, comprising of approximately 30 days of operation for an OBN crew consisting of two seismic vessels.
“This LOI confirms AGS’ ability to continue to be awarded work by utilizing it’s unique asset-light operational model coupled with best in class operational excellence demonstrated in recent campaigns by our dedicated crew personnel”, says Lee Parker, CEO of AGS.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Source: Company Press Release