Songa Offshore is pleased to announce that a firm contract for use of Songa Mercur has been agreed and signed with Gazflot LLC, a Gazprom subsidiary. The contract covers the use of the Songa Mercur for Gazflot's upcoming drilling campaign offshore Sakhalin Island during the 2010 Summer season.

The rig is currently scheduled to depart Singapore on or around 1st May 2010 after completion of ongoing SPS activities and Rig acceptance period.

The firm part of the contract is set at 180 days including mobilization from and de-mobilization back to Singapore. An aggregated total revenue of approximately USD 55 to USD 60 million is expected to be generated from the firm part of contract.

Limassol, 7 March 2010

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)