Songa Saturn All Set for Drilling Ops Offshore Equatorial Guinea

Songa Offshore ASA has signed a contract with CNOOC Africa Ltd. for a one well program offshore Equatorial Guinea. The contract will commence after the current drilling campaign in Libya which is expected to be completed late 2009.

Before starting the mobilization, Songa Saturn will complete the long planned upgrade of the rig from 3300 ft to 3800 ft water depth capacity. This work is likely to be carried out in Malta directly after the ongoing campaigns in Libya.

The contract has an estimated value of US $30 million inclusive of mobilization. The contract has demobilization alternatives for both West Africa and Malta.


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