Charter termination for Rem Offshore’s CSV

Norwegian shipping company Rem Offshore has informed that a charter party for one of its construction support vessels with Adams Offshore has been terminated. 

According to Rem Offshore’s Oslo stock exchange filing on Monday, the charter party for the CSV vessel Rem Poseidon between Rem Ship and Adams Offshore, a player in offshore diving and subsea operational support, was terminated due to non-fulfilment of charterers obligation.

The company added that Rem Ship has bank guarantees that secure payments through second quarter.

The Norwegian shipping company entered into a charter agreement with Adams Offshore for Rem Poseidon in 2014, for a period of three years. This charter agreement had a firm duration until November 2017, with further two six months options.

Offshore Energy Today reached out to Adams Offshore, seeking comment on the reported termination of the charter.

R.Rajeev Kumar, General Manager / Chief Operating Officer at Adams Offshore, said in an e-mail: “It is true we are progressing on that route and we plan to amicably reach a settlement. We are still manning the vessel.”

“With the bareboat rates that we had signed up for, we are unable to trade the vessel profitably in this market. As you may know we had her on bareboat charter from 2009,” Kumar added.

Rem Poseidon was built by Kleven Verft in 2009. The vessel has LOA of 93.6 m, and a capacity to accommodate 68 persons.

Offshore Energy Today Staff

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