Songa Sings of Extended Contract

Songa Offshore has announced that Australian oil and gas company Santos has extended its contract with the Songa Mercer another three months -- until July 2008. This takes the contract term to a full year for Santos and the semisub.

The history of Santos and Songa Mercer has been thick as of late, considering the Chevron contract termination in June for the tardy delivery of the rig. Santos quickly signed the contract with Songa then.

According to previous statements about the contract, this extension will be at the same rate. If Santos decides to exercise its second option on the rig, the rate will increase to the going market price.

Songa Mercer is water depth-rated at 1,200 feet and has a drilling capacity of 25,000 feet.

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