As predicted in its third-quarter summary in October, TGS announced this week that it was implementing measures to increase efficiency and competitiveness.
Partly, TGS is cutting its global workforce by 130 personnel, 16% of the total and a move that is projected to save about $13m per year.
TGS has also decided to take a non-cash impairment charge of $150m related to some multi-client (MC) surveys, particularly those related to frontier areas.
