Songa Dee’s SPS coming to an end (UK)

Songa Offshore has informed that its semi-submersible rig Songa Dee is scheduled to leave the yard in Invergordon, Scotland in the week starting November 10, 2014.  

The rig is expected to be back on day rate 4-5 days after departure from yard to continue its contract with Statoil.

To remind, Songa Dee semi-sub arrived at the Invergordon facilities deep water quay Queens Dock on August 24 2014, with various electrical, structural, mechanical and pipe-work scopes to be performed. Songa Dee continued its SPS (Special Periodic Survey) at Invergordon, but during the yard stay the rig has experienced unexpected failure on one of the four main engines. At that point, Songa Offshore informed that the rig is scheduled to leave the yard on November 7, 2014.

“This is the first SPS in Songa Offshore that has been planned and executed by internal resources, and it has been done on budget.”

According to the company, the scope of work for the Songa Dee Special Periodic Survey (SPS) has progressed according to the budget of USD 90 million plus operating costs during the yard stay.

Songa Offshore has also reported that Songa Delta rig has achieved an operational efficiency of 100% and an earnings efficiency of 99% working for Statoil in Norway.

Furthermore, Songa Trym rig achieved an operational efficiency of 100% and an earnings efficiency of 97% during the month working for Statoil in Norway. Statoil will suspend Songa Trym contract after the current well at the Oseberg field in the North Sea.

Report for Q3 2014  

Also, Songa Offshore SE has reported revenue of USD 109.6 million for the third quarter 2014 and USD 415.3 million for the first nine months of 2014.

EBITDA for the third quarter was USD 40.6 million and USD 166.4 million for the first nine months of 2014 with EBITDA margins of 37% and 40% respectively.

Profit for the third quarter was USD 1.1 million and loss of USD 6.4 million for the first nine months of 2014.

Basic earnings per share for the third quarter was USD 0.00 (NOK 0.00) and USD (0.01) (NOK 0.06) for the first nine months of 2014.

“We have delivered another strong operational quarter. I would also like to highlight the excellent work done by our project and operation teams in connection with the Special Periodic Survey (SPS) on Songa Dee. This is the first SPS in Songa Offshore that has been planned and executed by internal resources, and it has been done on budget. Songa Dee is expected to leave the yard this week.

“I would further highlight the completion of the financing of last two Cat D rigs, Songa Encourage and Songa Enabler, at favourable terms. Going forward we will continue to focus on safe and efficient operations, and the delivery and mobilization of our four new Cat D rigs”, says Songa Offshore CEO, Bjørnar Iversen.

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