Electromagnetic Geoservices ASA (EMGS) plans to cut its global employee expenses, including by temporary and permanent layoffs, by 20% in an effort to bring its cost base in line with reduced activity, according to a news release.
“The market is expected to continue to be subdued until the oil price recovers and customers increase their E&P budgets,” EMGS CEO Christiaan Vermeijden said in the release. “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.”
The reductions are expected to yield effects gradually as headcount reductions onshore and offshore are scheduled to follow a different timeline, the news release said.
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