CH Offshore issues update on vessel charter

Contracts, Tenders and Rates - July 12, 2012

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Referring to an announcement on the SGX dated 15 February 2008, in respect of the charter of two AHTS vessels, the Board of Directors of CH Offshore have announced that the charter of the vessel Turquoise has expired after a firm four-year charter period, and that the charterer has decided not to exercise its option to extend the charter for an additional year.

Instead, the parties have entered into an addendum pursuant to which the charterer will extend the charter for one firm calendar month at the existing charter hire and have two options, to extend the charter for an additional calendar month each, at the existing charter hire. The company will use its best efforts to re-deploy the vessel.

The expiry of the charter may affect the groupís performance for the financial year ending 30 June 2013, as the current market rates are not as lucrative as the rates locked in four years ago.


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