Norway’s Siem Offshore and Brazil’s Petrobras have agreed the early termination of the contracts for three vessels.
The Norwegian shipping company and the Brazilian state-run oil and gas major agreed to terminate the contracts for vessels Capela, Propria, and Siem Carajas, on September 30, 2015.
As Siem Offshore said in its Oslo stock exchange filing on Friday, the termination would be executed without penalties.
The Norwegian company said that the decision was in line with its business strategy to focus on a modern, environmentally friendly and technically advanced fleet, and to improve its results by excluding unprofitable long-term contracts.
The vessels are small Brazilian flag supply/crew vessels.