EMGS and North Sea Commander Shipping AS agree on new terms for the charter agreement of the Atlantic Guardian

By Vessels

Electromagnetic Geoservices ASA (EMGS) has signed an extended charter agreement for the vessel Atlantic Guardian with North Sea Commander Shipping AS (owner of the vessel) at new and improved commercial terms. The new terms are valid as of 1 October 2016.

EMGS and North Sea Commander Shipping AS agree on new terms for the charter agreement of the Atlantic Guardian

Cable layer Atlantic Guardian - Image courtesy: deivid

EMGS and the owners have agreed to a reduction of the charter hire rate by approximately 27% and a new 5 year term for the charter.

"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," says Christiaan Vermeijden, CEO of EMGS.

Source: EMGS