SeaBird terminates seismic vessel charter

Marine seismic acquisition provider SeaBird Exploration has terminated an agreement for the charter of the Munin Explorer seismic vessel.  

The company has entered into a settlement agreement with Ordinat Shipping, the owners of Munin Explorer, for the termination of the charter party agreement and re-delivery of the vessel.

SeaBird said on Friday that the transaction is conditional on the fulfillment of certain preconditions and is expected to be approximately cash neutral to the company in 2018 and 2019.

The company is estimating that the transaction will save in excess of $2 million over the term of the contract, including the forgiveness of the $2.4 million charter hire payment due June 30, 020. The settlement agreement provides for a three year non-competition restriction whereby the vessel cannot compete in the company’s markets.

With the termination of the Munin charter agreement, the company has completed its historical fleet optimization effort.

The entire SeaBird fleet is now composed of vessels that are optimally configured and well positioned to address the company’s core markets and the evolving technology requirements, SeaBird explained.

The Munin Explorer was built in 1990 and re-built 2007 when it joined the SeaBird fleet. The vessel can operate worldwide as either 2D long offset or source vessel.

Share this article

Follow Offshore Energy Today

Posted on February 16, 2018 with tags .

Events>

<< Dec 2018 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

INTERNATIONAL PETROLEUM WEEK 2019

International Petroleum (IP) Week is a renowned and respected fixture in the annual calendar…

read more >

Mauritanides 2018

Mauritanides (11-13 Dec 2018) is the foremost and largest event for companies seeking to invest in the Mining…

read more >

LNG Bunkering Summit 2019

LNG Bunkering Summit will cover the obstacles facing both the shipping and port communities…

read more >

Egypt Petroleum Show

This event will feature 500+ regional & international exhibiting companies from over 35 countries…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply