SeaBird Cancels Munin Explorer Charter

Marine seismic survey provider SeaBird Exploration has entered into a settlement agreement with Ordinat Shipping AS, the owners of Munin Explorer, for the termination of the charter party agreement and redelivery of the vessel.

The transaction is conditional on the fulfilment of certain preconditions and is expected to be approximately cash neutral to the company in 2018 and 2019.

SeaBird estimates that the transaction will save in excess of $2 million over the term of the contract, including the forgiveness of the $2.4 million charter hire payment due 30 June 2020. The settlement agreement provides for a three year non-competition restriction whereby the vessel cannot compete in the company’s markets.

With the termination of the Munin charter agreement, the company has completed its fleet optimization effort.

Share this article

Follow Subsea World News

Events>

<< Dec 2018 >>
MTWTFSS
26 27 28 29 30 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 5 6

All-Energy 2019

All-Energy is the UK’s leading renewable energy and low carbon innovation event, showcasing the latest technologies and services…

read more >

ACENS 2019

Submission shall pass the double blind paper review first in order to be presented in the conference…

read more >

Deepwater Operations Advisory Board

This event allows for the free and open exchange of ideas, as proceedings will not…

read more >

Subsea Tieback Forum & Exhibition

The content addresses new operational issues, challenges, and solutions associated with global deepwater subsea operations…

read more >