Songa Offshore: Fleet Status Update for May/June

Songa Offshore, a Cyprus based drilling contractor, has announced its fleet status update for May/ June 2012.

Songa Venus achieved an average operating efficiency of 98% during the period. The rig continues to operate for Petronas Carigali in Malaysia. It is anticipated that the 1 year optional contract extension will be approved and issued during July securing continued work for the rig in Malaysia until Q3 2013.

Songa Mercur has been located in sheltered waters undergoing scheduled light maintenance and intermediate survey (UWILD) outside Labuan, Malaysia throughout the period. The rig is currently in process of preparing for float on and securing procedures on heavy lift vessel for transport to Trinidad. Estimated departure is set for July 8 with a 40-45 days transit time to Trinidad. The rig will then undergo contractual preparations work for startup of its previously announced contract with Zarubezhneft in Cuba in Q4 2012.

Songa Dee achieved an average operating efficiency of 94% during the period continuing working for Statoil on the Gulfaks field.

Songa Delta achieved an average operating efficiency of 98% during the period, operating under the Wintershall / Det Norske Oljeselskap contract farmed out to Suncor. The rig is currently in its final stages of on-going well, and is scheduled to arrive CCB yard outside Bergen during second half of July for a scheduled rig upgrade program prior to entering into its 4+1 year contract with Statoil under direct Songa management.

Songa Trym achieved an operating efficiency of 98% during the period operating for Statoil at the Troll field. The rig is currently scheduled to arrive CCB yard outside Bergen early August for a scheduled SPS (Special Periodic Survey) and rig upgrade program prior to entering into its 3+2 year contract with Statoil under direct Songa management.

Songa Eclipse commenced its one well plus 18 month contract with Total E&P Angola under full contractual terms May 19 and achieved an average operating efficiency of 67% during the operational part of the period. The initial downtime was related to the process of readying the BOP after the acceptance test, a positive operational trend have been established during the last 3 week period with 90% operational efficiency and it is expected that this will continue strengthening going forward

[mappress]
Press Release, July 6, 2012