Electromagnetic Geoservices ASA (EMGS) has signed a new charter agreement for the vessel BOA Thalassa with BOA SBL AS (owner of the vessel) at new and improved commercial terms. The new terms are valid through 1 October 2019 with an option to extend the new agreement through 1 April 2021. EMGS and the owners have agreed to a reduction of the charter hire rate by approximately 20%.
EMGS and BOA SBL AS have also agreed to some additional flexibility during 2017. The new contract will have a firm start on 1 October 2017, but the vessel remains available, as an option to EMGS, on a project by project basis between 1 April (expiry date of current contract) and 1 October 2017. The new terms are valid in this period.
"We are pleased to see that our suppliers continue to contribute to the targeted cost savings in the Company. The new terms provide for a sound commercial basis when the market turns and provide a level of desired flexibility over the course of 2017," says Christiaan Vermeijden, CEO of EMGS.
Contact
Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company's services enable the integration of EM data with seismic and other geophysical and geological information to give exploration experts a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Villahermosa, Rio de Janeiro and Kuala Lumpur.
For more information, visit www.emgs.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
EMGS and BOA SBL AS have also agreed to some additional flexibility during 2017. The new contract will have a firm start on 1 October 2017, but the vessel remains available, as an option to EMGS, on a project by project basis between 1 April (expiry date of current contract) and 1 October 2017. The new terms are valid in this period.
"We are pleased to see that our suppliers continue to contribute to the targeted cost savings in the Company. The new terms provide for a sound commercial basis when the market turns and provide a level of desired flexibility over the course of 2017," says Christiaan Vermeijden, CEO of EMGS.
Contact
Hege Veiseth, EMGS Chief Financial Officer, +47 992 16 743
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The Company's services enable the integration of EM data with seismic and other geophysical and geological information to give exploration experts a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with offices in Trondheim, Oslo, Houston, Villahermosa, Rio de Janeiro and Kuala Lumpur.
For more information, visit www.emgs.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.