EMGS and Boa Offshore have mutually agreed to change the commercial terms of a charter as they both look to cut costs.
The two companies have signed a new agreement for the 80-loa research vessel Boa Thalassa (built 2008).
Under the new terms that will be valid through 1 October 2019, the charter hire will be reduced by around 20%.
There is also an option to extend the contract to 1 April 2021.
Christian Vermeijden, chief executive of EMGS, said: “We are pleased to see that our suppliers continue to contribute to the targeted cost savings in the company.
“The new terms provide for a sound commercial basis when the market turns and provide a level of desired flexibility over the course of 2017.”
EMGS and Boa have also added some flexibility to their new deal as the new contract will start firmly on 1 October 2017 but the vessel remains available as an option to EMGS on a project-by-project basis between 1 April and 1 October.
In late November, Boa revealed its worsened financial situation and launched a restructuring in November while EMGS has been making efforts to achieve cost savings in previous months.
