Seismic specialist SeaBird Exploration has terminated the charter of 1990-built Munin Explorer after reaching a settlement agreement with Ordinat Shipping.
SeaBird says the termination, which is is conditional on the fulfilment of certain preconditions, will save it over $2m over the term of the contract. The settlement also includes an agreement for a three year non-competition restriction.
Termination of the charter agreement completes its historical fleet optimisation effort, Seabird says, and its entire fleet is now composed of vessels optimally configured for the company’s core markets.