Songa Offshore SE announces that a Letter Of Intent (LOI) has been received from Statoil Petroleum AS for the use of Songa Dee for a 3 years firm plus 1 year option Drilling Contract on the Norwegian Continental Shelf.
The LOI is conditional to Partner approval and mutual agreement of contract terms. The firm part of the contract has an aggregated revenue value of approximately USD 378 million. The contract also includes an option to extend the firm period of the contract, and this option will have to be exercised prior to the contract commencement.
The contract with Statoil Petroleum AS will commence in direct continuation of the rig’s current commitment and subsequent demobilization from Marathon / Lundin early Q3 2011.
Source: Songa Offshore, October 18, 2010;