Offshore survey service provider Axxis Geo Solutions has announced that the company will transition to a reduced operational mode following its current surveys in the North Sea and Egypt amid significant uncertainty around the ocean bottom node survey market.
The company will enact a smart stack model which will significantly limit run-rate expenses until the market rebounds but will still allow for quick mobilisation to new projects.
Axxis will also slash its onshore staff headcount by approximately 20% whilst maintaining core positions, business development and tendering activities and the company expects to reduce its cash run-rate to less than $800,000 per month in smart-stack mode.
If the company does not find further work prior to the end of third quarter, further reductions should be made which will reduce its cash run-rate to less than $400,000 per month.
A big mass grave under progress…