EMGS: New terms for ‘EM Leader’ charter

Norway’s Electromagnetic Geoservices (EMGS) has signed an extended charter agreement for the vessel EM Leader with Seatrans (owner of the vessel) at, what the company says are, new and improved commercial terms.

According to EMGS, the previous agreement was up for renewal.

“We are very pleased with this new agreement. It maintains our flexibility to reduce our vessel costs by approximately 25% if needed, and at the same time, it secures our revenue capacity for four vessels. This is in line with our strategy to retain a flexible business model,” says Roar Bekker, CEO of EMGS.

EMGS will charter the vessel for 2 years and has 2 x 1 year options for extension. The agreement includes different rates for when the vessel is in operation, idle or laid up. According to EMGS, the new operational rate represent a significant saving compared to the previous. The agreement provides EMGS with increased operational flexibility and improved commercial terms, which already will benefit the company when the vessel starts the newly announced contract in Uruguay on December 15, 2014.

To remind, EMGS was recently hired by BG Group for 3D EM data acquisition in Uruguay.

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