The agreement is made at market terms and is for a firm period of three years with two yearly options.
The charter shall commence in the third quarter of 2014 following delivery of the vessel from the Norwegian yard.
The Siem Stingray is designed for subsea operation duties such as construction and installation work, inspection and maintenance. The vessel is of clean design, has particularly good seakeeping abilities, station keeping performance and is able to keep a high transit speed.
It is environmentally-friendly, its design focusing on low fuel consumption through its diesel electric machinery. The vessel is classed according to SPS 2008 and Clean Design.