Brief: EMGS Initiates Transition To Low-Cost Set-Up

Voim ASA

27/03/2020 07:08

March 27 (Reuters) - Electromagnetic Geoservices ASA
 EMGS.OL :
    * EMGS INITIATES TRANSITION TO LOW-COST SET-UP
    * HAS EXPERIENCED A RAPID DETERIORATION IN COMPANY'S BACKLOG
FOR
2020
    * HAS RESOLVED TO IMMEDIATELY START TRANSITION TO A LOW-COST
SET-UP
    * PURPOSE OF THIS LOW-COST SET-UP WILL BE TO PRESERVE
SUFFICIENT
LIQUIDITY BY REDUCING CASH-BURN TO A MINIMUM, UNTIL COMPANY CAN
BENEFIT FROM AND SCALE UP TO MEET AN EXPECTED FUTURE INCREASE IN
OIL COMPANY INVESTMENTS
    * TERMINATE ALL EMPLOYEES AND CONSULTANTS WITH EXCEPTION OF
A
SKELETON CREW WHICH WILL CONTINUE TO SERVICE MULTI-CLIENT LATE
SALES AND CONSULTING MARKET AND FORM BASIS FOR A FUTURE SCALE-UP
    * REDELIVER PETREL EXPLORER AT END OF CURRENT FIXED CHARTER
PERIOD, AND COLD STACK ATLANTIC GUARDIAN AS SOON AS PRACTICABLE
POSSIBLE
    * WILL CONTINUE TO DELIVER UNDER ALL COMPANY'S EXISTING AND
ONGOING CUSTOMER CONTRACTS

Source text for Eikon:  ID:nGNE162pks 
Further company coverage:  EMGS.OL 

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