Marine construction contractor Ocean Installer has exercised an option to extend the charter party of the North Sea Giant subsea construction vessel.
Ocean Installer, a wholly-owned subsidiary of Moreld, revealed in an Oslo Bors filing that the 2011-built vessel would remain with the company until the end of the first quarter of 2027.
In addition to an existing one-year extension option, Ocean Installer and the vessel’s owner, North Sea Shipping, agreed to a new 18-month extension option.
If exercised, the option would allow the company to extend the charter until the fourth quarter of 2029.
