Songa Offshore: Bad weather in Norway decreases rig fleet earnings efficiency

Songa Offshore, an international offshore drilling company, has announced its drilling rig fleet status update for March 2014.

Songa Venus achieved an operational efficiency of 100% and an earnings efficiency of 98% during the month working for Mubadala Petroleum in Malaysia.

Songa Mercur achieved an operational efficiency of 100% and an earnings efficiency of 100% during the month working for Idemitsu in Vietnam.

Songa Trym achieved an operational efficiency of 93% and an earnings efficiency of 90% during the month working for Statoil in Norway. The earnings efficiency was negatively impacted due to an issue with a third party downhole equipment, and the rig earning a Waiting-on-Weather rate due to inclement weather for periods of the month.

Songa Dee achieved an operational efficiency of 100% and an earnings efficiency of 95% during the month working for Statoil in Norway. The rig was on Waiting-on-Weather rate for periods of the month.

Songa Delta achieved an operational efficiency of 100% and an earnings efficiency of 100% working for Statoil in Norway.

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Press Release, April 08, 2014