EMGS extends Boa Thalassa vessel charter at reduced dayrates

Norwegian marine seismic firm Electromagnetic Geoservices ASA has signed a new charter agreement for the vessel BOA Thalassa with BOA SBL AS  at new and improved commercial terms.

The new terms are valid through October 1, 2019 with an option to extend the new agreement through April 1, 2021. EMGS and the owners have agreed to a reduction of the charter hire rate by approximately 20%.

EMGS and BOA SBL AS have also agreed to some additional flexibility during 2017. The new contract will have a firm start on October 1, 2017, but the vessel remains available, as an option to EMGS, on a project by project basis between April 1 (expiry date of current contract) and  October 1 2017.

The new terms are valid in this period.

“We are pleased to see that our suppliers continue to contribute to the targeted cost savings in the Company. The new terms provide for a sound commercial basis when the market turns and provide a level of desired flexibility over the course of 2017,” says Christiaan Vermeijden, CEO of EMGS.

Expanded Barents Sea cooperation

In a separate announcement on Friday, EMGS said it has reached a deal with TGS-NOPEC Geophysical Co ASA (TGS) to expand the companies’ cooperation agreement in the Barents Sea.

EMGS said that TGS would be investing in a 3D CSEM data acquisition project related to the 24th licensing round in Norway.

The contribution from TGS will be booked as a reduction of the carrying value of EMGS’ multi-client library.

In addition, EMGS reported late sales of multi-client data in Norway worth $2 million in total which will be recognized in the first quarter of 2017.

As for TGS, the company on Thursday announced its first multi-client acquisition project in 2017 , the AM17 Atlantic Margin 3D in the Norwegian Sea. The AM17 40,000 square kilometer project in the central-southern Norwegian Sea will be the single largest 3D survey carried out by any company in Northern Europe, which covers mostly open blocks in relatively under-explored areas.

Offshore Energy Today Staff