EMGS, a Norwegian provider of geophysical services to the oil and gas industry, has signed an extended charter agreement for the vessel Atlantic Guardian with a reduced dayrate. 

EMGS said on Friday that the agreement was signed with an owner of the vessel, North Sea Commander Shipping, at ‘new and improved’ commercial terms.

The new terms are valid as of October 1, 2016. EMGS and the owner have agreed to a reduction of the charter hire rate by approximately 27% and a new 5-year term for the charter.

Christiaan Vermeijden, CEO of EMGS, said: “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.”

The Atlantic Guardian is an EM survey vessel optimized for the execution of 3D EM surveys for the oil and gas industry. The vessel, designed and equipped for worldwide operations, has accommodation for 45 persons with 29 single and 8 double cabins. It is 103.49 meters long and 18 meters wide.

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