PGS Laying Off 40% Office Workers. Offshore Crews Might Be Cut, Too

Norwegian seismic player PGS said Monday it would reduce office-based personnel count by approximately 40%, including reductions already implemented, to address the lower market activity and to cut costs.

The company said its plan is to bring annual gross cash cost run-rate to approximately $400 million through staff reductions, reorganization, consolidation of offices, re-negotiation of service agreements, and other cost measures.

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