Songa: February fleet update
Songa Venus has spent the full month of February in Singapore where it is currently undergoing its 5 yearly SPS inspections. Planned inspections are progressing in line with schedule and budgets set. Inspections have however revealed some unexpected wear on parts of the anchor chains and replacements have been sought for these, a total of $2 mill of Capex investment is expected to cover unexpected repairs and replacements revealed during the SPS. The rig is scheduled to depart Singapore mid March for upcoming Shell contract in Australia with estimated date of contract commencement 1 April.
Songa Mercur has achieved operating efficiency of 100% during the operational part of the month. The rig arrived in Singapore 12 February and is currently undergoing its 5 yearly SPS inspections. Planned inspections have so far progressed in line with schedule and budgets set, but also here it is experienced some unexpected wear on anchor chains. Final inspections and sourcing of replacement chain is still taking place but the Company does not foresee any excessive budget or schedule slippage resulting from findings to date. The ongoing SPS inspections is scheduled to be finalized during first half of April and the rig is actively marketed for onwards work in the South East Asia and Australia region.
Songa Saturn has achieved operating efficiency of 96% during the month. The rig continued working on the first out of two firm wells for CNOOC in Equatorial Guinea.
Songa Dee has achieved operating efficiency of 95% during the month; the rig continues to operate for Marathon / Lundin in Norway.
Songa Delta has achieved operating efficiency of 97% during the month; the rig is currently working for Wintershall / Det Norske Oljeselskap in Norway.
Songa Trym has achieved operating efficiency of 98% during the month; the rig continues to operate for Statoil in Norway.
Songa is a provider of offshore drilling services. With its fleet of six rigs, it currently operates in the North Sea, offshore North and West Australia and offshore North and West Africa. Songa is headquartered in Limassol, Cyprus.
Forward Looking Statements: Certain statements in this announcement are forward-looking. These forward-looking statements represent expectations for Songa's business and results of operations, and involve risks and uncertainties. These forward-looking statements are based on current expectations, assumptions and projections about future events. Because these expectations and assumptions involve known and unknown risks, uncertainties and other factors, which are in some cases beyond Songa's control, actual results or performance may differ materially from those expressed or implied by such forward-looking statements. Given the risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements.
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