CNOOC Buys More Time for Songa Saturn in West Africa

Songa Offshore announced that a one (1) well firm, plus one (1) optional well extension agreement to the existing one-well contract have been reached with CNOOC Africa Limited EG Branch for continued use of the drillship Songa Saturn for work in Equatorial Guinea. The firm part of the extension secures employment for the vessel until end March 2010 and has an estimated value of approximately US $10 million.

The Songa Saturn departed Malta on December 21, 2009, after successfully completing the earlier announced 3800 ft Water depth upgrade and is expected to commence operations for CNOOC in Equatorial Guinea mid January 2010.

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