Noble Energy Extends Songa Saturn Contract

Songa Offshore has been awarded a contract extension from Noble Energy for the drillship Songa Saturn. This extension to the original contract is for three additional wells in Equatorial Guinea. With this addition, the contract for the rig is now 6 firm wells with 2 option wells. The expected duration of the three additional wells is 120 days, and revenue totals approximately US $50 million.

The contract will commence during the fourth quarter of 2006 after the Songa Saturn completes an upgrade and refurbishment at a shipyard in Turkey.

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