Axxis Geo Solutions News

Norwegian ocean bottom node (OBN) seismic company Axxis Geo Solutions (AGS) has signed the contract for the 3D OBN seismic acquisition survey in the Middle East following the securing of a letter of intent for the project in September.The work is expected to commence in early January 2020 and will continue through most of the first quarter 2020."This contract will secure activity for the company and contribute with revenues through most of the winter season. In addition, this contract is a sign of seismic activity re-emerging in the region through advanced OBN seismic and imaging technology with potential demand for OBN seismic in years to come.

Norway-based Songa Bulk AS, an investment vehicle established to invest in dry bulk assets, has made an agreement to merge with company Axxis Geo Solutions (AGS).Per deal, Songa Bulk will assume the assets, rights and obligations of the Houston-based AGS against issuance of shares in Songa Bulk to existing shareholders of AGS.The exchange ratio in the Merger is based on an equity value of Songa Bulk of NOK 17.93 million, corresponding to a price per share of NOK 0.5, and an equity value of AGS of NOK 514.82 million, corresponding to a price per share of NOK 0.7.The shareholders of AGS will receive 1.4 shares of Songa Bulk per one share in AGS…