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Axxis Geo Solutions Announces Smart-Stack Cost Reduction Plans

Source: www.gulfoilandgas.com 8/3/2020, Location: Europe

Due to COVID-19, their exists significant uncertainty around the OBN market in H2-2020. In line with the company’s asset-light and cost-flexible business model, Axxis Geo Solutions (AGS) will transition to a reduced operational mode following its current surveys in the North Sea and Egypt. AGS will enact a “smart stack” model which will significantly limit run-rate expenses until the market rebounds but will still allow for quick mobilization to new projects.

*Vessels, nodes, and other key equipment maintained in a state of readiness Agreement with key partners to allow for vessels and equipment to be ready and available for quick mobilization at minimal cash cost

*Onshore staff headcount reduced by approximately 20% whilst maintaining core positions, business development and tendering activities

*Retention of key crew personnel to allow for quick mobilization

The company expects to reduce its cash run-rate to less than $800,000 per month in smart-stack mode.

Should further work not materialise prior to the end of Q3, further reductions should be made which will reduce its cash run-rate to less than $400,000 per month.

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