SeaBird Exploration Plc  has extended the bareboat charter for the Munin Explorer from 1 November 2014 to 31 October 2019.

In connection with the bareboat extension, the charter rate is being reduced from USD 20,271 per day currently to USD 12,000 per day, starting 1 February 2014.The charter rate will increase 2% per year throughout the charter period, in accordance with the original agreement.

“The reduction in charter rate for the remainder of the current charter period will result in a cumulative savings for the company of approximately USD 2.3 million,” SeaBird said in a press release.

M/V Munin Explorer joined SeaBird in 2007. The vessel can operate worldwide as either 2D Long offset or Source vessel. The vessel is currently rigged as Source vessel.