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    Magseis to charter vessel

    Contracts, Tenders and Rates // March 23, 2017

    Magseis has entered into an LOI with what it described as "a large provider of offshore vessels" regarding a potential charter of one of their vessels. Such agreement includes an option for the lease of certain seismic equipment.

    Magseis said operational performance continues to be strong and the company expects that first quarter 2017 revenues will be at least in line with the fourth quarter of 2016.

    With the recent announcement of an extension to the ongoing survey in the Red Sea backlog now amounts to more than US$65 million for 2017 and the company is ready to embark on its previously announced expansion plans.

    The board will consider the potential equipment financing in their evaluation of alternatives and make an announcement on the preferred financing strategy in due course.

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