EMGS gets better terms on BOA vessel contract

Norway’s Electromagnetic Geoservices ASA (EMGS) has signed an extended charter agreement for the vessel BOA Thalassa with BOA SBL AS. According to EMGS the new contract has improved commercial terms. The new terms are valid as of October 1, 2015.

“We are very pleased with this new agreement. It lowers our cost commitment and gives us operational flexibility,” says Stig Eide Sivertsen, CEO of EMGS.

Following the agreement, EMGS will re-deliver the BOA Galatea on December 15, which originally was the expiry date for BOA Thalassa. The charter agreement for BOA Thalassa will be extended from July 17, which originally was the expiry date for BOA Galatea, until 1 April 2017.

“The agreement provides EMGS with improved commercial terms, which will benefit the Company under the current contract work in Malaysia and going forward. The agreement includes different rates for when the vessel is in operation, idle or laid up,” the company said in a statement.

EMGS, https://www.offshoreenergytoday.com/emgs-makes-further-cuts/which on Monday announced a new round of cuts, expected to leave 78 people without work, did not provide more details into the new dayrates agreed with BOA SBL AS.

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