Songa Offshore Reports Total Revenue Decrease in 1Q 2015

Songa Offshore reported Friday that total revenue for the company decreased from $154.7 million in 1Q 2014 to $108.3 million in 1Q 2015.

The main reason for the decrease was the absence of revenue contribution from Songa Venus (MW semisub) and Songa Mercur (MW semisub) of $43 million, according to Songa Offshore. The company’s Songa Dee (MW semisub), Songa Delta (MW semisub) and Songa Trym (MW semisub) rigs delivered 100 percent operational efficiency for 1Q 2015, when on contract. Average operating expense in 1Q 2015 was $143,000 per rig, per day compared to $171,000 in 4Q 2014.

Songa Offshore CEO, Bjørnar Iversen commented in a company statement:

"We are very satisfied to see that our existing fleet again delivers safe operations, reduced operating cost and 100 percent operational uptime in the quarter. The company's main focus continues to be the delivery and the mobilization of the four Cat D rigs to the Norwegian Continental Shelf, where they each will commence their eight-year contracts with Statoil. We have made good progress over the quarter on the Cat D project and we will in mid-June take delivery of Songa Equinox, the first out the Category D rigs from the DSME shipyard.”

Songa’s four Cat D rigs comprise the Songa Equinox (MW semisub), Songa Endurance (MW semisub), Songa Encourage (MW semisub) and Songa Enabler (MW semisub).



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