Electromagnetic Geoservices ASA (EMGS) announces a reduction in the Company’s cost base in line with a reduced level of activity.
The Company will seek a global reduction in employee expenses of approximately 20% by using both temporary and permanent layoffs amongst others. The cost reduction measure will yield effects gradually as headcount reductions onshore and offshore are scheduled to follow a different timeline.
“The market is expected to continue to be subdued until the oil price recovers and customers increase their E&P budgets. Cost reductions and cost control will therefore continue to be important focus areas in the Company. However, we will maintain a footprint in our core markets to be able to efficiently market our services and be ready when the market turns,” says Christiaan Vermeijden, CEO of EMGS.
Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743