EMGS and Seatrans signed an extended charter agreement for the EM Leader vessel.
EMGS will charter the vessel for two years and has two options for a one-year extension. The agreement includes different rates for when the vessel is in operation, idle or laid up. 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 commences the newly announced contract in Uruguay on 15 December 2014.
"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,” says Roar Bekker EMGS CEO. Seatrans is the owner of the EM Leader.
Earlier this week, BG Group awarded EMGS a US$27 million contract to use the EM Leader for 3D EM data acquisition in Uruguay.