Electromagnetic Geoservices ASA (EMGS) has entered into an agreement with North Sea Shipping to extend the charter hire period for the vessel Atlantic Guardian from 1 September 2013 to 1 March 2014. Furthermore, EMGS has agreed to charter the vessel for an additional period of at least two years, with three optional one-year extensions.

Under the terms of the agreement, the vessel owner will conduct upgrades which will provide significantly improved fuel efficiency and station-keeping capabilities. It is expected that this work will be done during a five-week yard stay in the first or second quarter of 2014. At the same time, modifications will be made to the vessel to accommodate EMGS's next-generation equipment.

Tags: Electromagnetic Geoservices ASA (EMGS)