Songa Offshore Wins Work for the Songa Saturn

Songa Offshore has been awarded a contract from Noble Energy for the drillship Songa Saturn. The contract is for three wells in Equatorial Guinea with an option for another two wells. The contract will commence in during the third quarter of 2006. Expected duration excluding options is 150 days, and revenue totals approximately US $50 million for the three wells excluding mobilization/demobilization revenues.

The Songa Saturn is currently undergoing refurbishment and contract preparations in Turkey. Expected project cost is approximately US $70 million. The work consists, among other things of steel changes, new topside equipment and water depth upgrade to 3300'.

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