Cyprus: Songa Offshore Provides September 2010 Fleet Update


Songa Venus achieved operating efficiency of 99% during the month, the rig continued its work on the second well of 4 firm wells for Shell Development (Australia).

Songa Mercur achieved operating efficiency of 100% during the month; the rig continues to operate outside Sakhalin Russia on a one well contract for Gazflot and is expected to complete the well and commence transit to China for upcoming program with ENI during the second half of October.

Songa Saturn was relocated from Malta to Trinidad during the month under a fully paid relocation agreement. Said agreement form part of the separately announced sales agreement entered into with Petro Saudi, and the agreement and transfer of ownership process was completed 8 October.

Songa Dee achieved operating efficiency of 100% during the operating part of the month. The planned yard and repair work from Far Grimshader collision commenced at Westcon Ølen, Norway 7 September and work scopes have progressed in accordance with plan through-out the month. The rig left the yard on 8 October in accordance with schedule, on time and on budget and will then continue to operate for Marathon / Lundin in Norway for reminder of current contract.

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 99% during the month; the rig continues to operate for Statoil in Norway.

Songa Eclipse remains under construction at Jurong Shipyard Singapore. Overall construction activities are progressing on schedule and commissioning activity has started. Estimated delivery time remains at end of April 2011. The Company is actively marketing the rig and have several specific contracts targeted for immediate start up after commissioning and delivery.

Source:Songa Offshore , October 12, 2010;

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