Sovcomflot Charters Polarcus’ Seismic Vessel

Polarcus’ Norwegian subsidiary has entered into a heads of agreement with SCF Geo (Sovcomflot) to charter a vessel on bareboat terms with delivery scheduled for March, 2017.

The fixed period of the charter will be 5 1/2 years with options to extend for up to four additional months, Polarcus informed.

The vessel will be delivered without streamers and the streamer package currently on board the vessel will be available for use across the Polarcus fleet.

The charter will generate minimum hire of USD 72 million over the fixed charter period with the possibility of increased charter hire fees based on Sovcomflot benefiting from certain market improvements. Sovcomflot will have the right to purchase the vessel at any time during the charter at pre-agreed prices.

The heads of agreement and the charter are subject to the consent of the bank lenders who have mortgagee rights over the vessel. It is also subject to finalizing terms with Sovcomflot.

As Polarcus explained, the terms will be based on a previous agreement between the Polarcus and Sovcomflot which contains amendments and supplemental terms to the industry standard Barecon 2001 form.

Following delivery of the vessel to Sovcomflot, Polarcus will have two vessels on long-term bareboat charter with a total fixed backlog of USD 110 million with no associated operating costs.

In addition, Polarcus operates a fleet of four vessels in the contract market for which the current backlog amounts to USD 115 million. The company also has Polarcus Nadia, currently cold-stacked, which will be considered for re-activation on improved market conditions.

The available excess streamer package will reduce re-activation costs significantly if installed on Polarcus Nadia, the company added.

Share this article

Follow Subsea World News

Events>

<< May 2017 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! It is also;…

read more >

IMCA ROV SEMINAR

This seminar is designed to assist IMCA members in dealing with these, with a programme of technical and operational topics affecting…

read more >

Offshore Wind Energy 2017

In 2017, EWEA and RenewableUK will join forces to bring you the greatest conference and exhibition Europe has ever known in the history…

read more >

UTC 2017

The subsea industry has, as all other parts of the oil & gas industry, been seriously rattled by the most severe downturn in the hydrocarbon energy era. However, the realization of what hit us and actions to be taken to sustain a healthy and profitable future is still on-going – unfortunately with thousands of colleagues paying the price by losing their job as one of the most severe consequences. At this time, there are signs that we have reached bottom in terms of most industry indicators, but few experts expect a sharp recovery. Many seem to believe that a slow recovery is what the industry needs in order to avoid an unsustainable capacity build-up, as seen in the period after the financial crisis. Considering the uncertainty of what the future will bring, this year’s UTC Program Committee have decided to challenge all of us to present ideas, experiences, technological innovations, business models and execution models for how to shape our subsea future and explain how and why subsea is the future.
UTC welcomes abstracts based on the topics listed below. If selected, please consider writing a paper in addition to the UTC presentation. From 2017, UTC papers will be published in an international database.

More info

read more >