Norway: Songa Offshore Reports Q2 Total Income of USD 21 Million

Songa Offshore SE reports total comprehensive income for the second quarter of 2011 of USD 21.0 million.

Operating revenue for the second quarter was USD 125.8 million. This includes mobilization and demobilization revenue of USD 1.9 million.

Total expenses for the second quarter were USD 78.2 million. EBITDA for the second quarter was USD 50.2 million. Net financial expenses for the second quarter were USD 5.0 million.

Earnings per share (EPS) and diluted earnings per share (DEPS) for the second quarter were USD 0.13.

Average number of shares for the quarter was 167,712,544, and as per end of the period the outstanding number of shares was 167,712,544.

The rigs:
Songa Venus achieved an operating efficiency of 98.6% during the operational part of Q2.
The rig completed the program for Total E&P on 29 May.

Songa Mercur achieved an operating efficiency of 100% during the operational part of Q2.
The rig was awarded a contract with Gazflot during the quarter and commenced the tow from Singapore on 19 May, and started drilling offshore Sakhalin mid June.

Songa Delta achieved operating efficiency of 98.0% in Q2. The rig is on contract with Wintershall / Det norske oljeselskap.

Songa Trym achieved operating efficiency of 95.9% in Q2 and has been operating for Statoil on the Troll Field.

Songa Dee achieved an operating efficiency of 82.9% in Q2 and has been operating for Marathon at the Alvheim Field.

Market conditions and outlook:

Bidding and prequalification activity was flat from the previous quarter with a majority of the new programs commencing later in the year and in early 2012. However, Songa was able to capitalize on the healthy bidding activity of the previous quarter and secure several important long-term contracts. Several of these contracts were in highly competitive markets containing idle rig capacity, further reinforcing their significance in Songa’s growth strategy.

Songa is now able to shift its marketing focus from filling near-term requirements and position itself in advance of contracts starting in 2012, onward. The exception to this is the Songa Mercur but we are seeing healthy demand for this unit in Q4 upon completion of its current contract.

Source: Songa Offshore, August 8, 2011;

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