McDermott and Fugro have agreed on an extension of the CSV Southern Ocean current charter to allow McDermott to complete its scope of work offshore India.

The vessel was unable to finalize the expected work scope during the charter period with McDermott as a result of the cyclone hitting the Indian coast early May.

As a result of the extension of the current vessel charter, the CSV Southern Ocean cannot be delivered on the agreed delivery date for the Fugro charter in Australia as indicated in company’s press release dated 23 April 2019.

Therefore, Fugro has cancelled the subsequent charter agreement and has found alternatives to service its end-client. Parties had been working together to find mutually agreeable financial solutions, Oceanteam said in Wednesday’s Oslo Stock Exchange filing.