Electromagnetic Geoservices signs new charter deal with Boa Offshore

Electromagnetic Geoservices (EMGS) has signed a new charter agreement with Boa Offshore for seabed logging vessel Boa Thalassa at new and improved commercial terms.

The new terms are valid through to October 2019 with an option to extend it through April 2021. EMGS and the owners have agreed to reduce the charter hire rate by approximately 20%.

EMGS and Boa have also agreed to some additional flexibility during 2017. The new contract will have a firm start on October 1, 2017, but the vessel remains available as an option to EMGS on a project by project basis between April 1 and October 1, 2017.

“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,” said Christiaan Vermeijden, CEO of EMGS.

In the meantime, EMGS and TGS-NOPEC Geophysical have agreed to expand a cooperation agreement in the Barents Sea. TGS will be investing in a 3D CSEM data acquisition project related to the 24th licensing round in Norway.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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