Electromagnetic Geoservices ASA (EMGS) announces that the Company implements additional cost reduction measures reflecting the challenging market conditions in the oil service industry.
The Company has identified and implemented comprehensive cost reductions on terms and conditions for sub-contractors and in staff levels. The key elements of the program are a reduction of the vessel capacity by one vessel, from three to two vessels, and a corresponding reduction in the global employee expenses.
EMGS initiated cost reduction measures in the beginning of the first quarter this year and further measures were announced in June. Based on the development in revenues so far in 2015, as well as the outlook