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AGS Scores OBN Survey Extension

March 19, 2020

Havila Fortune - Image by Kees Torn - Flickr / Shared under CC BY-SA 2.0 license.
Havila Fortune - Image by Kees Torn - Flickr / Shared under CC BY-SA 2.0 license.

Norwegian ocean bottom node seismic surveyor Axxis Geo Solutions (AGS) has won a contract extension for a survey in the Middle East.

AGS was in December awarded the original OBN contract that started in January with scheduled completion near the end of the first quarter 2020.  

Now the company say the contract has been extended.

"The additional work is estimated to be totaling 7 vessel months and will continue into the second quarter of 2020. This extension adds profitability and cash flow to the overall project, whilst offering our client a cost-effective addition to their venture," CEO Lee Parker said.

"The added work, together with recently announced LOI for a North Sea contract, will be helpful in the ongoing process of strengthening the company's working capital" adds Parker.

Worth noting, Norway's offshore vessel owner Havila Shipping on Thursday said that Axxis Geo has extended contracts for two of its platform supply vessels Havila Aurora and Havila Fortune.

 While originally built for platform supply duties, AGS has repurposed the two vessels, and it now calls them Multipurpose Seismic Survey Vessels on its website.

The vessels' AIS data show they're located in the Gulf of Suez.



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