Brief: Axxis Geo Solutions To Reduce Cash Run-Rate

Fjord Defence ASA

03/08/2020 07:34

Aug 3 (Reuters) - Axxis Geo Solutions ASA  AXXI.OL :
    * SMART-STACK COST REDUCTION PLANS
    * SMART-STACK COST REDUCTION PLANS
    * COMPANY EXPECTS TO REDUCE ITS CASH RUN-RATE TO LESS THAN
$800,000 PER MONTH IN SMART-STACK MODE.
    * WILL TRANSITION TO A REDUCED OPERATIONAL MODE FOLLOWING
ITS
CURRENT SURVEYS IN NORTH SEA AND EGYPT
    * SHOULD FURTHER WORK NOT MATERIALISE PRIOR TO END OF Q3,
FURTHER
REDUCTIONS SHOULD BE MADE
    * FURTHER REDUCTIONS WOULD  REDUCE ITS CASH RUN-RATE TO LESS
THAN
$400,000 PER MONTH.

Source text for Eikon:  ID:nObiBfRtLa 
Further company coverage:  AXXI.OL 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 778 51 10;))