Electromagnetic Geoservices ASA (EMGS) has signed an extended charter agreement for the vessel EM Leader with Seatrans, the owner of the vessel, at new and improved commercial terms, the company said in a press release. The previous agreement was up for renewal.

EMGS will charter the vessel for two years and has two one-year options for extension. The agreement includes different rates for when the vessel is in operation, idle or laid up. The new operational rate represent a significant savings compared to the previous one.

The agreement provides EMGS with increased operational flexibility and improved commercial terms, which already will benefit the company when the vessel commences the newly announced contract in Uruguay on Dec. 15, 2014.