Mubadala Extends Songa Venus Rig Contract (Vietnam)

Mubadala Petroleum has decided to further extend the Songa Venus rig contract to cover an additional two firm wells and two option wells in Vietnam under the current contract terms and conditions.

The two additional wells have a total estimated duration of 80 days and corresponding revenue of approximately USD 19 million. The Venus program for Mubadala Petroleum now has a total estimated dry-hole duration of 7 months (six firm wells and two option wells) and will see the unit occupied through 2013.

The rig is owned by Songa Offshore, a Cyprus-headquartered drilling contractor.