Energy Swan and Energy Scout - contract extensions

Energy Swan

A contract extension has been secured with Wintershall Norge AS. The contract is in direct continuation of the charter contract from 2013. The large PSV Energy Swan was in 2013 chartered for a firm period of 4 years + optional (total of 5 years options).

Wintershall Norge AS and GEOS agreed after expiration of the firm period several extensions, latest with firm period to 31 August 2019. The parties have now agreed that the vessel will remain firm on charter in direct continuation present firm period and till 30 November 2019.The charter rate reflects the market conditions. The parties have further agreed that Charterers continue having options available to charter the vessel as per the original charter (till 30 November 2021).

Energy Scout

In beginning of January 2019 the vessel entered directly from previous term contract- in to a short term contract with SNEPCO (Shell) where vessel wasfirm until mid-April 2019 when new contract with SPDC (Shell) was entered into with expire 15th July.

The parties have now agreed that the vessel will be extended with 6 months firm contract and vessel remain firm on charter in direct continuation present firm period and till 20 January 2020.

Terms reflect short term market in region which is reasonably tight on availability of this type of high spec PSV tonnage.

Vessel have 99% utilization ytd.

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