EuropeOffshore

Electromagnetic Geoservices extends vessel charter at lower rate

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
Back to top button