News listings

energy-pedia general news

Norway flagNorway

Europe / Caspian / CIS >>> Norway

Axxis Geo Solutions announces Q3 2020 results

30 Nov 2020

Photo - see caption


• OBN surveys in the North Sea and the Middle East were successfully completed

• USD 34.2 million of accounts payable converted to interest bearing debt

• Smart-stack cost-reduction solutions implemented in accordance with communicated business strategy

• New CEO appointed

• First late sales from the Utsira multi-client library secured


• New contract with an international energy company for OBN work in the North Sea in Q2 2021 secured

• Discussions with stakeholders initiated in order to improve the company’s financial position


'The challenges resulting from the COVID-19 pandemic continued in Q3 2020. Nevertheless, our crews successfully completed the projects in Egypt and Norway without incident and to our clients’ full satisfaction. Furthermore, AGS has recently entered into a contract with an international energy company for OBN work in the North Sea scheduled to start in Q2-21, with an estimated duration of one month. We also took final delivery of the Utsira multi-client data and secured two licensing agreements in cooperation with our partner TGS.

However, due to the difficult market conditions, we have to date been unsuccessful in securing work for our crews in Q4-20 and Q1-21 as start dates for projects have been moved out in time. Smart-stack solutions have been implemented in order to reduce costs to a minimum.

Due to the lack of revenue, we are unable to address our current debt obligations. Consequently, we are in active dialogue with stakeholders to address the Company’s debt situation and improve its balance sheet,' says Ronny Bøhn, CEO of Axxis Geo Solutions.

Click here for full announcement

Source: Axxis Geosolutions

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current Deals

Current Upstream Deals: 379

Completed Deals

Completed Upstream Deals: 6003

Company Profiles

Current Company Profiles: 2752

Corporate Activity

Current Corporate Activity articles: 3591

Companies Looking

Current number of articles: 445

Company Sales

Current Company Sales articles:1452


Current Geostudies articles: 774

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

Rose & Assocs 149
Government of South Australia
KL Publishing
Union Jack Oil 149
SLR Consulting logo
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675