EMGS reduces vessel fleet

Electromagnetic Geoservices' vessel fleet will be temporarily reduced from three to two vessels.

Offshore staff

OSLO -- Electromagnetic Geoservices' vessel fleet will be temporarily reduced from three to two vessels. These actions will result in 29 temporary layoffs, 28 redundancies, and four consultancy contracts being terminated, the company says.

EMGS anticipates that the measures will result in annual reductions in operating expenses of approximately $8 to 10 million.

05/12/2009

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