Norwegian OSV operator Eidesvik has announced that it has agreed with CGG to establish a new shipowning unit for 7 seismic vessels.
The new set-up will create of a holding company that will hold the shares in two entities. One of the entities will own the two vessels currently co-owned by CGG and Eidesvik, Oceanic Vega and Oceanic Sirius, and the other will own five vessels currently owned by CGG and cold-stacked, namely Geo Coral, Geo Caribbean, Geo Celtic, CGG Alize and Oceanic Challenger.
The two shipowning entities will be financially separated and the new holding company, jointly owned by CGG and Eidesvik in equal parts, is expected to commence operation at the beginning of the second quarter 2017.
CGG will continue to charter the Oceanic Vega and Oceanic Sirius from the new company, and will extend the current contract until March 2027 on a reduced charter rate. CGG will also progressively charter Geo Coral, Geo Caribbean and Geo Celtic from the new entity as their charters expire.