Sovcomflot charters Polarcus vessel

A Polarcus subsidiary in Norway has entered into a heads of agreement with Sovcomflot concerning the charter of a vessel on bareboat terms, with delivery scheduled next month.

Offshore staff

DUBAI, UAE – A Polarcus subsidiary in Norway has entered into a heads of agreement with Sovcomflot concerning the charter of a vessel on bareboat terms, with delivery scheduled next month.

This will be for a fixed period of five and a half years with options to extend for up to four additional months.

Polarcus now has two vessels on long-term charter, both built to operate in environmentally-sensitive sea areas including high Ice Class conditions.

The vessel will be delivered without streamers and the streamer package currently on board the vessel will be available for use elsewhere on the company’s fleet.

Polarcus anticipates a minimum hire of $72 million over the fixed charter period, possibly more ifSovcomflot benefits from certain market improvements.

Sovcomflot also has the right to purchase the vessel at any time during the charter at pre-agreed prices.

ThePolarcus Nadia, currently cold-stacked, could be re-activated if market conditions improve. The newly available excess streamer package would reduce this vessel’s re-activation costs significantly, the contractor adds.

02/10/2017

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