As part of the acquisition Buccaneer's wholly owned subsidiary Kenai Drilling, LLC has executed a Bare Boat Charter Agreement with KOV.
The Bare Boat Charter commences when the Rig is delivered for operational service in the Cook Inlet, which is expected to be in April/May 2012, for a period of 5 years during which Kenai Drilling will pay bare boat charter fees to KOV.
Buccaneer will proceed to run the rig under a
Bare Boat Charter agreement to 29 October 2017.
As part of the JVA terms a Buccaneer subsidiary will execute a 5 year, US$60,000 per day
Bare Boat Charter of the jack-up rig with the Joint Project.
5 billion, the first phase is plan is worth and will see the sale of up to 51 vessels to China's ICBC Financial Leasing, which it will then hold on
bare boat charter for a period of 10 years.
The combination of transparency, convenience and overall value for money was just what the charter market was crying out for, and today overseas
bare boat charters -- usually in the form of all-inclusive sailing rallies with several boats per fleet -- remain Mariner Boating's core business.
Under the new agreement, PFS will acquire the three vessels, including seismic equipment, and lease them back to SCAN Geophysical on
bare boat charters.
