Songa Offshore Announces October Fleet Update

Songa Venus achieved operating efficiency of 99% during the month, the rig completed its work and moved over to the third firm well for Shell Development (Australia). The rig is scheduled to start 1st Optional well for MEO Australia during mid November..

Songa Mercur (photo) achieved operating efficiency of 100% during the month; the rig completed its one well contract for Gazflot outside Sakhalin Russia and is currently underway to China as part of Gazflot demobilization and is expected to commence its upcoming program with ENI China during mid November.

Songa Saturn sale agreement with Petro Saudi was concluded 8 October.

Songa Dee achieved operating efficiency of 94% during the operating part of the month. The planned yard and repair work from Far Grimshader collision was completed on time and under budget at Westcon Ølen, Norway and rig re-commenced operations for Marathon / Lundin in Norway 9 October. The rig is scheduled to continue its work for reminder of current Marathon / Lundin contract until medio July 2011. As per separate announcement, the Songa Dee received a Letter of Intent (LOI) from Statoil Petroleum AS for a 3 year + 1 year Contract in direct continuation from current contract, mentioned LOI have during first week of November been confirmed by a Contract Award Letter from Statoil Petroleum AS.

Songa Delta has achieved operating efficiency of 98% during the month; the rig continues to operate for Wintershall / Det Norske Oljeselskap in Norway.

Songa Trym has achieved operating efficiency of 90% during the month; the rig continues to operate for Statoil in Norway.

Songa Eclipse remains under construction at Jurong Shipyard Singapore. Overall construction activities are progressing and commissioning activity has started. The Company is actively marketing the rig and have several specific contracts targeted for immediate start up after commissioning and delivery.

Songa Offshore is an offshore drilling company operating 6 semi-submersible rigs.

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, November 8, 2010;