Geophysical services company Electromagnetic Geoservices (EMGS) has signed an extended charter agreement with Norway-based BOA SBL for its BOA Thalassa and BOA Galatea vessels with new and improved commercial terms.
According to EMGS, the new terms are valid as of 1 October 2015.
EMGS CEO Stig Eide Sivertsen said: "We are very pleased with this new agreement. It lowers our cost commitment and gives us operational flexibility."
"It lowers our cost commitment and gives us operational flexibility."
Further to the charter agreement signed, the Norwegian company will redeliver the BOA Galatea on 15 December, which originally was the expiry date for the vessel.
The agreement for BOA Thalassa will be extended from 17 July until 1 April 2017.
EMGS stated that the latest agreement includes different rates for when the vessel is in operation, idle or when it is laid up.
The agreement includes an extension of around 8.5 months firm period compared with the original contract.
It will also provide an option to EMGS to leave its equipment on board BOA Galatea following redelivery and the company is responsible for the equipment and its removal with a 30-day notice.
Both BOA Thalassa and BOA Galatea are of MT 6007 design and have been built for seabed logging operations to detect hydrocarbons beneath the seabed.
Designed with dedicated working deck area arranged on four deck levels, the vessels have the capacity to accommodate 57 people.