PGS has outlined plans to save $200m per year as the coronavirus crisis lays waste to its business.
The Norwegian seismic survey vessel operator has stacked three of eight 3D vessels and will seek to reduce its shore workforce by 40%.
PGS has also cancelled its 2020 bonus plans and introduced a salary freeze.
Offices will be consolidated and service agreements re-negotiated.
"The Covid-19 pandemic and related disruption in the oil market have caused unprecedented challenges for the seismic industry and will temporarily cause a significant reduction of activity levels," the company said.
"PGS is responding to this challenge by further adjusting its cost base to the lower activity level while retaining its core global capabilities and ability to scale up when demand resumes."
The company controls 12 ships. Clarksons lists another vessel as idle, in addition to the stacked trio.
Further layups possible
PGS also said it is prepared to adjust operated vessel capacity and offshore crew levels further if required.
As part of its streamlining, all commercial activities will be combined into one business unit, Sales & Services, headed by Nathan Oliver.
The new organisation is expected to be implemented on 1 August.
"The current market situation is very challenging for the seismic industry. We are addressing the activity reduction and low visibility by adjusting operations and cost," PGS added.
"We will scale down our organisation significantly while retaining our core capabilities and scalability to be in position to take advantage of what we believe will be an improving market following the current crisis."
The group stressed it has a strong market position and a "resilient" operating model and organisation.
"I am proud of how our employees are responding to yet another challenging period for the industry," chief executive Rune Olav Pedersen said:
"The PGS workforce has demonstrated strong commitment and ability to adapt during previous organisational restructures, and I am confident we will see the same during the weeks and months to come."
