Songa Receives Contract Extension from Chevron

The Songa Mercur has been awarded a 90-day contract extension from Chevron for work offshore Australia. With this addition, the contract for the rig is now one year firm. There remain two options of six months each - at market rate. The expected revenue for the 90 day extension is US $27 million.

The rig is currently under tow to Singapore, and is expected to arrive late September. ETD from Singapore is estimated to be November.

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