EMGS fires most of staff

In a stock exchange announcement, EMGS states that they terminate all employees and consultants with the exception of a skeleton crew which will continue to service the multi-client late sales and consulting market and form the basis for a future scale-up.

The company says that this a transition to a low-cost set-up. The purpose of this low-cost set-up will be to preserve sufficient liquidity by reducing cash-burn to a minimum until EMGS can benefit from and scale up to meet an expected future increase in oil company investments.

EMGS announced earlier this year that they initiated a comprehensive cost reduction programme.