Australia Drilling Associates Firms Up Songa Venus Contract

Songa Venus
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Songa Offshore ASA is pleased to announce that the earlier announced letter of intent from Australian Drilling Associates (ADA) has now been concluded into a drilling contract utilizing the semi-submersible Songa Venus for development and exploration drilling in Australia.

ADA will be the main contract holder and manage the drilling operations on behalf of the independent oil companies operating under an ADA coordinated consortium on the North Western Shelf, Timor Sea and Bass Straight in Australia.

The contract is scheduled to commence in direct continuation of Songa Venus' current contract with ENI Australia and Inpex Browse in Q4 2008, and has a primary term of 376 days with a secondary term of another 376 days thereafter. The contract value for the primary term is approximately USD 150 million, the secondary term is at mutually agreed market rate.

One of the wells that the Songa Venus is going to drill is the MEO Australia Zeus-1 well in WA-361-P, scheduled for late October 2008.

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