Norway’s Electromagnetic Geoservices (EMGS) is restructuring in an urgent bid to cut costs by up to $10m a year. The offshore services firm will slash its global headcount by about 15%.
“Whilst the interest in our technology continues to be high, our customers are delaying, cancelling or reducing work scopes, resulting in a lower demand for our services. Therefore, we continue to focus on cost control and cash flow, and implement changes to increase the efficiency of the organisation,” said Christiaan Vermeijden, CEO of EMGS.