Songa Offshore Puts Challenging Period Behind, CEO Says

Songa Offshore SE, a Cyprius-headquartered offshore drilling contractor, has today reported operating revenue for the first quarter 2013 of USD 124.8 million, and a profit of USD 9,4 million.

“The results show that we have now definitely put a challenging period behind us. I am proud and happy to hand Songa over to a new CEO in a state of profit. All rigs are operational with a very high utilisation, and we have good control of all business processes, including the Category D new build programme,” says interim CEO and Chairman of the Board, Jens A Wilhelmsen.

Related:  Songa Offshore Names New CEO

The focus for Songa going forward will be the continuous improvement of rig operations and to finance the new build program.

“With the upgrade projects on the rigs behind us, we are now in a position where we should generate a good cash flow from our existing rigs going forward. This is very important with regards to the financing of our new build programme”, says Songa’s CFO, Geir Karlsen.