‘Munin Explorer’ Contract Extended Until Late 2019

SeaBird Exploration Plc  has extended the bareboat charter for the Munin Explorer from 1 November 2014 to 31 October 2019.

 'Munin Explorer' Contract Extended Until Late 2019

In connection with the bareboat extension, the charter rate is being reduced from USD 20,271 per day currently to USD 12,000 per day, starting 1 February 2014.

The charter rate will increase 2% per year throughout the charter period, in accordance with the original agreement.

“The reduction in charter rate for the remainder of the current charter period will result in a cumulative savings for the company of approximately USD 2.3 million,” SeaBird said in a press release.

M/V Munin Explorer joined SeaBird in 2007. The vessel can operate worldwide as either 2D Long offset or Source vessel. The vessel is currently rigged as Source vessel.

Press Release, December 20, 2013