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Axxis Geo Solutions to cut onshore headcount by 20% as part of cost reduction plans

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.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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