Olympic Ship and Bibby Offshore Enter Charter Agreement for Olympic Ares

Olympic Ship AS has entered into a three-year charter agreement with Bibby Offshore Limited for the vessel Olympic Ares, a multi-functional subsea support & construction vessel.

The charter extends the current charter in place, now ending in late 2017.

The charterer has combined options for an additional three years for a total of six years.

The contract value and terms are in line with present market conditions for this type of vessel.

Olympic Ares is designed for low fuel consumption and excellent sea and station-keeping. The vessel is capable to perform construction work along with field support duties.

Press Release, June 24, 2014