Cyprus: Songa Offshore Provides August Fleet Update

Songa Venus achieved operating efficiency of 93% during the month; the rig completed its work on the first and has now commenced work on well no 2 out of 3 firm wells for Shell Development (Australia).

Songa Mercur achieved operating efficiency of 99% during the month; the rig continues to operate outside Sakhalin Russia on a one well contract for Gazflot.

Songa Saturn remained warm stacked in Malta undergoing maintenance and operational preparedness for future contracts. The rig has undergone dry docking, painting and 5 years hull classifications in Malta during the month and the Company continues to actively market the rig.

Songa Dee achieved operating efficiency of 99% during the month; the rig continues to operate for Marathon / Lundin in Norway. The rig is scheduled to enter into a 30 day yard stay at Westcon in Ølen, Norway during the first part of September. Work scope for yard stay will mainly consist of repairs from earlier announced Far Grimshader collision together with deck crane replacement and general maintenance taking place in parallel of collision repair works.

Songa Delta has achieved operating efficiency of 100% during the month; the rig continues to operate for Wintershall / Det Norske Oljeselskap in Norway.

Songa Trym has achieved operating efficiency of 98% during the month; the rig continues to operate for Statoil in Norway.

Songa Eclipse is under construction at Jurong Shipyard in Singapore. Helideck, Bridge Control’s and BOP handling crane installations have taken place during the month and outfitting work continues, overall construction activities are progressing on schedule and commissioning activity has started.

Estimated delivery time remains at end of April 2011. The Company is actively marketing the rig towards several specific contracts targeted for immediate start up after commissioning and delivery.

Songa Offshore is an offshore drilling company operating 6 semi-submersible rigs and one drill ship.

With a highly experienced management team, Songa Offshore’s vision is to provide efficient, safe and reliable drilling services.

The company is headquartered in Limassol (Cyprus), and currently has operating offices in Oslo, Stavanger, Houston, Singapore, and Perth.

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Source: Songa Offshore, September 5, 2010: