Volstad Modifies Canyon Offshore Charter Deals

Volstad Maritime and its related operating companies, Grand Canyon Operation and Grand Canyon Operation 2, have agreed to revise their current charter agreements with Canyon Offshore, the robotics subsidiary of Helix Energy Solutions Group.

The agreements revised are for three vessels: M/V Grand Canyon, M/V Grand Canyon 2 and M/V Grand Canyon 3.

The revised agreement for the M/V Grand Canyon provides for a reduction of charter rates in return for a two year extension to the term of the charter, and the revised agreement for the M/V Grand Canyon 2 provides for a reduction of charter rates in return for a one year extension to term of the charter.

With respect to M/V Grand Canyon 3 due to be delivered May 1, 2016, the parties have agreed to a reduction in charter rates, as well as a delayed activation and a cold stack period of one year, in return for a two year extension to term of the charter. After delivery, the vessel can still be activated at any time with a short notice period, Volstad explained.

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