Cyprus: Songa Offshore Provides September Fleet Update

Songa Offshore​, Cyprus-based offshore drilling company, provides fleet update for September 2011.

Songa Venus continues with maintenance and operational preparedness for the upcoming contract with Petronas in Malaysia. Mobilization and contractual start up is expected to commence on October 15.

Songa Mercur continued drilling operations for Gazflot LLC at Sakhalin, Russia with an operating efficiency of 89% during the month. The ongoing program is at its final stages and it is estimated that the rig will start de-mobilization during the second half of October. The rig received a commitment for a two well program in Malaysia with Petronas Carigali in direct continuation of the de-mobilization from Sakhalin. The duration of the program is estimated to be 90 days.

Songa Dee completed the charter agreement with Marathon Lundin and transferred over to Statoil Gulfaks field during the month. The rig achieved operating efficiency of 98% during the operational part of the month. As part of a Contractual Optional agreement, Statoil Petroleum AS exercised its right to extend the Songa Dee contract from the original 3 years to a 5 year firm contract plus one optional year. This increases the contract value to USD 620 million for the firm part of the contract.

Songa Delta achieved an operating efficiency of 99% during the month. The rig continues to operate for Wintershall / Det Norske Oljeselskap in Norway. Songa Delta will enter into a planned Special Periodic Survey period at CCB base outside Bergen, Norway during later part of October. The yard stay is planned for approximately 40 days, and the rig will re-commence the contract with Wintershall / Det Norske Oljeselskap after this period.

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

Songa Eclipse has been undergoing contractual upgrade and client operational preparedness work for the upcoming contract in West Africa during the month. Start of mobilization to Angola is scheduled for 10th October.

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Source: Songa Offshore , October 5, 2011.