Eidesvik, CGG Reduce Day Rate for Viking Vanquish

Eidesvik and CGG have agreed on changes to the bareboat contract for the seismic vessel Viking Vanquish.

The contract expires in November 2020 effective from January 2017.

The day rate will be reduced for the rest of the contract, Eidesvik informed.

Eidesvik will receive listed senior notes maturing 2021 and other debt instruments as compensation.

The reduced day rate will be taken into consideration when Eidesvik evaluates the value of the vessel in the 4th quarter 2016 accounts.

Viking Vanquish was originally built as a supply vessel in 1998. Its conversion to seismic was completed in October 2007.

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