Electromagnetic Geoservices (EMGS) has announced a reduction in the company’s cost base in line with a reduced level of activity.
The company said it will seek a global reduction in employee expenses of approximately 20% by using both temporary and permanent layoffs among others.
The cost reduction measure should 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.