Songa Offshore SE : March fleet update

Songa Venus achieved an operating efficiency of 100% during the month.  The rig continues to operate for Petronas Carigali in Malaysia.

Songa Mercur achieved an operating efficiency of 100% during the month.  The rig continues to operate for Petronas Carigali in Malaysia, and is currently in process of finalizing its second well under the 2 well program. The rig is actively marketed for onwards work including a possible extension of the current contract.

Songa Dee is in process of finalizing its scheduled Statoil initiated upgrade yard stay at CCB outside Bergen.  The rig is currently in process of commencing tow back to the Gullfaks field in order to continue the 5 year contract with Statoil.  

Songa Delta achieved an operating efficiency of 100% during the month operating for Wintershall / Det Norske Oljeselskap.  As part of a Contractual Optional agreement, Statoil exercised its right to extend the Songa Delta contract from the original 3 years to a 4 year firm contract plus one optional year. This increases the contract value from USD 422 million to USD 542 million for the firm part of the contract, and remains inclusive of a rig upgrade element and an associated yard stay prior to contract commencement.

Songa Trym achieved an operating efficiency of 98% during the month operating for Statoil at the Troll field.

Songa Eclipse achieved conditional rig acceptance 30 March and commenced top hole drilling at 65% of contractual day rate on its maiden location in Angola for Total E&P.  The earlier reported BOP repairs have been successfully completed during the month and BOP reassembly and testing are progressing in parallel of drilling top holes. Last portion of acceptance testing will resume when BOP is fully completed and as deemed practical during the top hole program, the rig will thereafter commence its one well plus 18 month contract with Total E&P Angola under full contractual terms.

2 April 2012

Limassol, Cyprus