Cyprus: Songa Offshore Annouces December 2010 Fleet Update

Songa Venus achieved operating efficiency of 100% during the month. The rig completed its well for MEO Australia under contract farm out from Shell Development (Australia) during the month and the rig commenced mobilization to Total E&P Australia location to start a 2 firm + 1 option well contract.

Songa Mercur achieved operating efficiency of 98% during the month. The rig continues to operate for ENI China in China.

Songa Dee achieved operating efficiency of 97% during the month. The rig continues operations for Marathon / Lundin in Norway. The current contract with Marathon/Lundin is extended until 11 July 2011 plus the well on progress. This in order to compensate for lost days caused by the Far Grimshader collision and the subsequent repair time.

Songa Delta has achieved operating efficiency of 99% during the month. The rig continues to operate for Wintershall / Det Norske Oljeselskap in Norway.

Songa Trym has achieved operating efficiency of 91% during the month. The rig continues to operate for Statoil in Norway.

Songa Eclipse remains under construction at Jurong Shipyard in Singapore. Overall construction activities are progressing and commissioning activity has started. The Company continues marketing the rig and has several specific contracts targeted for immediate start up after commissioning and delivery.

Songa Offshore is an offshore drilling company operating 6 semi-submersible rigs.

With a highly experienced management team, Songa Offshore’s vision is to provide efficient, safe and reliable drilling services.

The company is headquartered in Limassol (Cyprus), and currently has operating offices in Oslo, Stavanger, Houston, Singapore, and Perth.

Source:Songa Offsore, January 9, 2011;

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