Norway: Songa Offshore Provides July Fleet Update

Songa Venus has been warm stacked in Labuan, Malaysia during the month and is currently undergoing basic maintenance and client operational preparedness for the upcoming one year contract with Petronas in Malaysia. The contract is estimated to commence mid-August.

Songa Mercur arrived on location 24 June and commenced drilling operations for Gazflot LLC at Sakhalin, Russia. The rig achieved an operating efficiency of 86% during the month of July.

Songa Dee achieved operating efficiency of 97% during the month. Songa Dee continues to operate for Marathon / Lundin in Norway.

Songa Delta achieved operating efficiency of 97% during the month. The rig continues to operate for Wintershall / Det Norske Oljeselskap in Norway.

Songa Trym has achieved operating efficiency of 91% during the month. The rig continues to operate for Statoil in Norway. The Company received a Letter of Award for continued operations for Statoil for another 3 years firm after the completion of the current contract mid-2012.

Songa Eclipse remains under construction and commissioning by Jurong Shipyard in Singapore. The rig have successfully completed sea trials and is currently undergoing last portion of punch list closure from yard before formal rig acceptance, scheduled to take place early to mid-August. The rig is in parallel undergoing contractual upgrade and client operational preparedness work for upcoming contract in West Africa and mobilization for Angola is scheduled for early September.

In accordance with separate recent announcement, the company has also during July been awarded 8 year firm contracts for two new build “CAT D” units from Statoil, update of progress to the construction progress of these units will be included in Company’s future fleet updates.

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Source: Songa Offshore, August 04, 2011;

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