Seismic specialist TGS said it will be reducing its global headcount by up to 130 jobs.
The Norwegian company said the move has been made in a bid to improve efficiency and competitiveness during challenging market conditions.
TGS also said it plans to write down the value of selected MC surveys which is expected to amount to a $150million impairment to be booked in the fourth quarter of the year.
The reduction in headcount amounts to around 16% of the YGS workforce.
It is expected to reduce costs by around $13million starting from the beginning of next year.
A spokesman for the company said: “This was a very difficult decision and we are committed to assure that the employees leaving the company through this necessary action will be treated with
dignity and respect in accordance with TGS’ values.”
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