Songa Offshore: Fleet Status Update for November 2012

Songa Offshore, a Cyprus-based drilling contractor, has announced its drilling rig fleet status update for November 2012.

Songa Venus achieved an operating efficiency of 98% during the month. The rig continues to operate for Petronas Carigali in Malaysia.

Songa Mercur achieved an operating efficiency of 100% during the operational part of the month. The rig departed Trinidad on November 5, mobilized to Cuba and is currently anchored up. The rig is currently preparing for the start up of its previously announced contract with Zarubezhneft in Cuba.

Songa Dee achieved an operating efficiency of 98% during the month continuing working for Statoil on the Gullfaks field.

Songa Delta achieved an operating efficiency of 99% during the operational part of the month. The rig completed its yard stay project and commenced the 4+1 year contract with Statoil on November 14.

Songa Trym continued the SPS (Special Periodic Survey) and Operator sponsored rig upgrade & life enhancement program at CCB during the month. Repair and replacement scopes of drilling components continue, and the yard stay remain estimated completed mid December 2012 with incline test and client acceptance testing thereafter to take place in the fjord outside CCB. The estimated total cost for the yard stay is in line with what was previously reported in the Q3 2012 Financial Report. The rig will after the yard stay enter into its 3+2 year contract with Statoil under direct Songa Offshore management.

Songa Eclipse achieved an operating efficiency of 98% during the month continuing its contract with Total E&P Angola. With reference to the press release sent out on October 22, 2012 concerning the sale of the rig to Seadrill, the delivery and transfer process have started and formal handover of the rig have been agreed to take place late December / first half of January when all transfer activities have been carried out and closed.

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Press Release, December 11, 2012