Songa Offshore earnings in North Sea affected by bad weather in February

Songa Offshore, an international offshore drilling company, has released its monthly rig fleet update for February 2014.

Songa Venus achieved an operational efficiency of 100% and an earnings efficiency of 98% during the month working for Mubadala Petroleum in Malaysia.

Songa Mercur achieved an operational efficiency of 100% and an earnings efficiency of 100% during the month working for Idemitsu in Vietnam.

Songa Trym achieved an operational efficiency of 100% and an earnings efficiency of 98% during the month working for Statoil in Norway.

Songa Dee achieved an operational efficiency of 100% and an earnings efficiency of 93% during the month working for Statoil in Norway.

Songa Delta achieved an operational efficiency of 100% and an earnings efficiency of 96% working for Statoil in Norway.

The earnings efficiencies of the three rigs operating in the North Sea were all negatively impacted by the rigs earning a Waiting-on-Weather rate due to inclement weather for extended periods of the month.

Press Release, March 06, 2014

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