Financial issues continue for companies in offshore sector

THE MARITIME EXEUTIVE | The ongoing shakeout in the offshore industry continues with companies across segments of the industry each announcing steps designed to improve liquidity. This comes after similar actions in recent days by other companies involved in segments of the offshore business.

Norwegian company PSG, a provider of seismic and reservoir services, announced further cost-cutting measures including staff reductions, consolidation of offices, a re-organization of functions, and re-negotiation of service agreements. PGS had previously announced the stacking of three out of the eight 3D vessels operated at the start of the year, along with other cost-cutting measures. The company is taking these additional steps, which will result in a total reduction in employment by approximately 40 percent, and lowering annual gross cash operating costs by approximately a third to $400 million. 

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