Argeo inks five-year bareboat contract for 2001-built vessel

Argeo has entered into a five-year bareboat contract for Argeo Searcher, with an option to purchase the vessel for $2 million after 12 months and $1 million after 27 months.

Argeo Searcher, formerly known as Ocean Pearl, will operate in the North and South America (NSA) and West Africa (WA) energy markets and the Pacific Ocean and North Atlantic marine minerals market.

OSM Maritime, which has been managing Argeo Searcher since 2006, has been appointed for ship and maritime crew management.

The vessel can deploy and operate one or several autonomous underwater vehicle (AUV) systems and will be equipped with Argeo’s SeaRaptor AUVs and prepared with an available hangar for several work-class remotely operated vehicle (WROV) systems to support IMR operations.

According to the company, the contract sizes now accessible for Argeo with the vessel/AUV configuration typically range from NOK 150 million to NOK 300 million, supported by the current tenders in the pipeline

The estimated delivery of the vessel is 10 December.

“We are pleased to enter into this agreement as it secures Argeo with crucial vessel capacity at a very competitive price in a tightening market. The international expansion of Argeo means contracts are significantly larger, with longer duration and therefore requires predictability in our operational value chain,” said Argeo CEO Trond F. Crantz.

“Having access to a vessel like the Argeo Searcher enables us to meet all customer needs for Argeo’s activities, adds far more flexibility and streamline our operations in the global offshore energy and marine mineral markets.”

Argeo Searcher was delivered in 2001 as a cable-laying vessel. In 2006, it was fully converted to an ocean bottom node (OBN) seismic vessel and has been in operation until January 2022.

The vessel has since been docked for inspection and maintenance, completing full class renewal (five-year) for the period of the agreement.

It features modern diesel-electric propulsion, can accommodate 65 persons and has a fully certified helicopter deck, Argeo said.

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