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    Eidesvik forms JV with CGGVeritas

    News // January 7, 2010

    Eidesvik Offshore has, through its subsidiary Eidesvik Shipping, entered into a joint venture with Exploration Investment Resources II AS (EIR II), a company in the CGGVeritas group.

    The joint venture is organized through Eidesvik Seismic Vessels AS, a Norwegian limited company, in which Eidesvik holds 51 per cent of the shares and EIR II holds 49 per cent.

    All existing legal rights and liabilities in connection with BN 285 and BN 286 which are under construction at Ulstein Verft will remain in Eidesvik Seismic Vessels AS, including building contract, time charter and all financial agreements.

    Eidesvik will continue to act as marine manager for the vessels.

    In connection with the establishment of the joint venture EIR II has paid to the joint venture an amount that corresponds to 49 per cent of the amount Eidesvik has
    previously paid into this project.

    The parties has also agreed on an amendment to the existing time charter, which gives EIR II four options of five years each to have the two vessels on charter after the 12 year fixed period.

    Said Eidesvik in  statement: "Eidesvik considers the agreement an additional  cementation of the long industrial relationship between Eidesvik and CCGVeritas. It also confirms Eidesvik's position as a world class maritime operator of seismic vessels."


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