Songa Offshore announced that its 100% owned subsidiary, Songa Rig, has received a Letter Of Award (LOA) from Statoil for the use of Songa Delta for a 3 years firm plus 1 year option Drilling Contract on the Norwegian Continental Shelf. The LOA is conditional to mutual agreement of contract terms between the parties. The firm part of the contract has an aggregated revenue value of USD 409 million inclusive a rig upgrade element and an associated yard stay prior to contract commencement. 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 yard stay and contract with Statoil will commence in direct continuation of the rig's current commitment and subsequent demobilization from Det Norske/Wintershall late Q2/early Q3 2012. Songa Offshore will undertake full rig management and operations responsibility of the Songa Delta from current Odfjell Drilling Management at time of transition between contracts.
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