Middle East seismic survey vessel owner Polarcus has received some good news in a dire market from counterparty Sovcomflot (SCF Group).
The Russian shipping company is keeping the 2,250-dwt Vyacheslav Tikhonov (built 2011) on bareboat charter at least until the third quarter, after revoking its notice of redelivery.
However, the period of employment is not continuous. The ship has completed a project in Asia and will not be paid by the charterer from 31 May until starting another job in the third three-month period.
"Redelivery of the vessel is now expected to be following completion of the new project, or alternatively, on short notice if no project is awarded ... in the summer season," Polarcus said.
Sovcomflot had revoked a notice of delivery set for 15 January after it won the Asian job.
The vessel was previously named Polarcus Selma.
Polarcus said this week it is accelerating its pandemic cost-cutting plans with big job reductions planned.
The Oslo-listed shipowner said it would be axing 20% of workers, mainly through redundancies, as it felt the twin effects of the oil price fall and coronavirus disruption.
There will also be a "range of permanent and temporary compensation and benefit adjustments", including a permanent 10% reduction at senior levels from 1 October, the company added.
The extension from Sovcomflot comes as Polarcus faces a seismic survey slump amid the oil-and-gas exploration malaise.
"Activity levels in marine seismic acquisition over the near-term remain low with limited visibility on future projects," Polarcus chief executive Duncan Eley said earlier this week.
"However, based on regular discussions with key clients and indications of a more robust oil price through second-half 2020, seismic demand is expected to improve during 2021."
Eric Martin contributed to this story
