PT GWI is a geophysics survey service company in Indonesia that caters oil and gas industry needs to evaluate the subsurface structure for hydrocarbon potential. As the market is a subset of the broader oil and gas industry, it is affected by the boom and bust cycle of the oil industry. Nowadays, with the low oil price environment company will need to formulate a strategy to survive the downturn and, more importantly, to position the company for the potential upswing on the oil price as well as a better-improved market in Indonesia. To analyze the situation of the company, internal and external analyses were performed. The external factors were analyzed using PESTEL & Porter Five forces. The internal analysis was then performed by using value resource-based identification, followed by VRIO analysis. The result of these analyses collaborated with the SWOT analysis. The strategy Diamond model framework was then used to formulate company strategy further. The result of the study indicates that the company still needs to develop its sustainable competitive advantage and focus on a specific market segment.