Songa Offshore Secures Contract for Songa Venus in Australia

Songa Offshore ASA reported that the Songa Venus have been awarded a Letter of Intent from Australian Drilling Associates (ADA) for a drilling contract utilizing the semi-submersible 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 and Timor Sea in Australia.

The contract is scheduled to commence in direct continuation of Songa Venus current contract with ENI Australia and Inpex Browse Q3-Q4 2008, and has a Primary term of 400 days with a Secondary term of another 400 days thereafter. The contract value for the firm part is USD 160 million, the Secondary term is at the same conditions, or at market rate if higher.

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