The fleet size was downsized to 9 from 15 survey vessels. In addition, we cut 2 source boats, now we have only 6.
2 replies (most recent on top)
A downsizing of the seismic business was not a surprise, prices are going down - right? But what was maybe more surprising was that the we announced another $200 impairment charge for downsizing and that they are laying off people already. We have seen offshore drilling companies announce layoffs as they cold-stack rigs (Hercules) but we haven't seen the service companies move quite this quickly. I don't know how much of the decision to announce these write-offs and layoffs was driven by the timing of the investment conference presentation, or whether management is trying to move faster than they might otherwise because they are more concerned about how deep and long this decline might be.
Thank you Patrick Shorn