Norwegian geophysical services company Electromagnetic Geoservices (EMGS) has extended the charter agreement for seismic vessel Atlantic Guardian with North Sea Commander Shipping.
EMGS says under the new contract, stretching for five years commencing October 1, it has been given improved commercial terms with the owners agreeing to reduce the charter rate by around 27%.
“We are pleased to see that our suppliers are contributing to the targeted cost savings in the company. The new terms provide for a sound commercial basis when the market turns,” commented Christiaan Vermeijden, CEO of EMGS.
Earlier in the moth, EMGS announced plans to further reduce its workforce in order to reduce expenses.