EMGS said it will be implementing further reductions in a bid to streamline its costs.
The company revealed last month it had reduced its headcount by 20% as well as reducing its fleet down to three vessels.
EMGS said it already identified and implemented “comprehensive” cost reductions on terms and conditions for sub-contractors and in its staffing levels.
A spokesman said based on the outlook for the rest of the year and next year, the company would be implementing further reductions.
The annual operational cost level is expected to be lowered by $35million as a result.
The total reductions implemented in 2015 are expected to amount to $70million which will reduce the operational cost level to below$100million.
EMGS said the initiatives would be implemented immediately and “yield effects” gradually.