Oslo-listed geophysical survey players PGS, TGS and EMGS are all slashing costs further after suffering losses in the second quarter on a market slump due to industry cutbacks on exploration amid the Covid-19 pandemic and lower oil prices.

PGS was hit by the biggest loss with a $111.4 million deficit in the latest quarter, widening a year-earlier loss of $48.9 million, as revenue was slashed to $90.3 million from $192.4 million in the same period of 2019.

The company’s bottom line was also heavily impacted by a further impairment of $27 million as it has recorded a total write-down of $78.4