Songa Offshore 1Q Profits Halve, but Sees Increased Market Activity

Norwegian offshore drilling company Songa Offshore announced first quarter results on Monday that showed it more than halved its profit during the three months to March 31, 2012. Pre-tax profit for the period came in at $11.8 million, compared with $27.1 million in 1Q 2011, on 1Q revenues that were reduced by 8.6 percent to $133.6 million.

In spite of the results, Songa said it has seen increased interest and activity in the market lately and that it continues to see healthy tender activity in the Malaysian region, with demand forecast to overtake supply in 3Q 2012.
Two of Songa's rigs achieved an operating efficiency close to 100 percent during April. These were Songa Venus (DW semisub) and Songa Mercur (DW semisub), which were both being operated by Petronas Carigali in Malaysia and which achieved efficiencies of 98.8 percent and 99.6 percent respectively Petronas has finished using Songa Mercur, which is now being actively marketed for ongoing work.
Songa Dee (DW semisub) completed its Statoil-initiated upgrade yard stay and resumed operations under its five-year contract in the Gullfaks field. Meanwhile, Songa Delta (DW semisub) achieved an operating efficiency of 95 percent during April, operating under the Wintershall/Det Norske Oljeselskap contract.
The firm's Songa Trym (DW semisub) and Songa Eclipse (DW semisub) rigs achieved operating efficiencies of 98 percent and 95 percent respectively. Trym is operated by Statoil in the Troll field, offshore Norway, while Eclipse is being used by Total in Angola.


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