EMGS Agrees New Vessel Terms

Electromagnetic Geoservices ASA (EMGS) has signed an extended charter agreement for the vessel BOA Thalassa with BOA SBL AS (owner of the vessel) at new and improved commercial terms. The new terms are valid as of 1 October 2015.
 
"We are very pleased with this new agreement. It lowers our cost commitment and gives us operational flexibility," says Stig Eide Sivertsen, CEO of EMGS.
 
Following the agreement, EMGS will re-deliver the BOA Galatea on 15 December, which originally was the expiry date for BOA Thalassa. The charter agreement for BOA Thalassa will be extended from 17 July, which originally was the expiry date for BOA Galatea, until 1 April 2017.
 
The agreement provides EMGS with improved commercial terms, which will benefit the Company under the current contract work in Malaysia and going forward. The agreement includes different rates for when the vessel is in operation, idle or laid up.