Cyprus: Songa Offshore Reports 4Q Income

Songa Offshore, an international offshore drilling company operating a fleet of 6 semi-submersible rigs with an additional 2 on order, reports total comprehensive income for the fourth quarter of 2011 of USD 35.8 million.

Operating revenue for the fourth quarter was USD 96.3 million. This includes mobilization and demobilization revenue of USD 8.0 million.

Total expenses for the fourth quarter were USD 73.9 million. EBITDA for the fourth quarter was USD 24.0 million. Net financial expenses for the fourth quarter were USD 12.2 million.

The Rigs

Songa Venus achieved an operating efficiency of 30.0% during the quarter. The rig was operating for Petronas in Malaysia from 18 October up until 30 October, when the rig encountered technical problems. The rig was performing repairs until it started operating again on 19 December. The rig has since 19 December been in normal operation.

Songa Eclipse completed the mobilization to Angola during the quarter and is undergoing final acceptance testing with Total E&P in Angola.

Songa Mercur achieved an operating efficiency of 99.6% during the operational part of the quarter. The rig commenced demobilization from Sakhalin and the contract with Gazflot LLC on 20 October. The rig went into acceptance testing with Petronas from 21 November and started to operate for Petronas on January 15 2012.

Songa Delta achieved an operating efficiency of 99.4% during the operational part of the quarter. The rig arrived CCB in Bergen on October 30, and completed the SPS on December 26. The rig was back on location and in operation January 9, 2012.

Songa Dee achieved an operating efficiency of 96.0% in Q4. The rig is on contract with Statoil.

Songa Trym achieved operating efficiency of 98.6% in Q4 and continues to operate for Statoil on the Troll Field.

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Offshore Energy Today Staff, February 13, 2012