Russian shipping company Sovcomflot (SCF) has backtracked on a decision taken in March to redeliver a Polarcus seismic vessel Vyacheslav Tikhonov early from its charter.
Sovcomflot will now hold on to the Vyacheslav Tikhonov and exercised an option to extend the bareboat charter for two years.
A subsidiary of Polarcus has chartered "Vyacheslav Tikhonov" on commercial terms with the intention that the vessel works as a source vessel on the referenced wide-azimuth program expected to continue into Q4, 2019.
Accordingly, SCF has withdrawn its notice of redelivery and exercised an option to extend the bareboat charter period of hire for 2 years (until October 2021, with further options).
Both parties have redelivery options during the extended hire period with SCF's first redelivery option being exercisable with effect from completion of the 'charter-back' for the wide-azimuth program.
Unless the vessel is redelivered at that time, the bareboat charter revenue generated by the Vessel is then expected to contribute to the Company's positive financial performance.