Electromagnetic Geoservices ASA (EMGS) has signed an extended charter agreement for the vessel EM Leader with Seatrans (owner of the vessel) at new and improved commercial terms. The previous agreement was up for renewal.
"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. This is in line with our strategy to retain a flexible business model," says Roar Bekker, CEO of EMGS.
EMGS will charter the vessel for 2 years and has 2 x 1 year options for 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.
Contacts
Roar Bekker, EMGS chief executive officer, +47 911 41 149
Svein Knudsen, EMGS chief financial officer, +47 911 41 149
Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59
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 explorationists 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 main offices in Trondheim and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia.
For more information, visit www.emgs.com