Songa Venus to Drill Additional Well in Malaysia for MDC Oil & Gas
Drilling contractor Songa Offshore SE announced Thursday that the company has reached an agreement with MDC Oil & Gas ( SK 320 ) Ltd., a Mubadala Petroleum affiliate, to further extend the program for Songa Venus (mid-water semisub) to cover an additional one firm well in Malaysia under the current contract terms and conditions.
In March 2013, Songa entered into a contract extension and farm out agreement with Mubadala Petroleum from a current contract with Petronas covering a total of four firm wells in Vietnam and Malaysia. Under the extension, which has an aggregate revenue value of approximately $21 million, Songa Venus was contracted to work in Southeast Asia until October 2013.
Songa announced in May 2013 that it reached an agreement with Mubadala Petroleum to further extend the Songa Venus program to cover an additional two firm wells and two option wells in Vietnam under the prevailing contract terms and conditions. The two additional wells have a total estimated duration of 80 days and corresponding revenue of approximately $19 million.
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