Russian state shipping company Sovcomflot (SCF Group) has secured a 50% discount after extending a seismic survey ship charter for three years.
Middle East owner Polarcus said its counterparty has exercised firm options to keep the 2,250-dwt Vyacheslav Tikhonov (built 2011) on a bareboat charter basis until 2023.
In June, Sovcomflot had said it was revoking its notice of redelivery to retain the ship until the third quarter.
The vessel is currently completing a project for the Russian group, with hire payable in full until demobilisation around the end of October.
After that date, Polarcus had expected to be handed back the ship.
The new charter rate is at half the present undisclosed rate, in weak oil and gas exploration markets.
Meanwhile, another Polarcus vessel chartered to Sovcomflot, the 92-loa Ivan Gubkin (built 2012), can be handed back to the owner from 21 September.
The ship has been working for the Russian company since 2017.
But the vessel may now not be needed due to the charter extension for Vyacheslav Tikhonov.
UK shipbroker Clarksons lists Ivan Gubkin as idle.
Cost-cutting stepped up
Polarcus, which owns seven ships, said in June it was accelerating its pandemic cost-cutting plans with big job reductions lined up.
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 staffing levels from 1 October, the company added.
"Activity levels in marine seismic acquisition over the near-term remain low with limited visibility on future projects," Polarcus chief executive Duncan Eley said at the time.
"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."
