SeaBird Exploration Plc announces that is has extended the bareboat charter for the Munin Explorer from 1 November 2014 to 31 October 2019.

In connection with the bareboat extension, the charter rate is being reduced from USD 20,271 per day currently to USD 12,000 per day, commencing 1 February 2014. The charter rate will escalate with 2% per year throughout the charter period, in accordance with the original agreement.

The reduction in charter rate for the remainder of the current charter period will result in a cumulative savings for the company of approximately USD 2.3 million.

Press Release, December 20, 2013; Image: Shipspotting

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