June fleet update
The Songa Venus achieved operating efficiency of 38% during the month, the rig returned into operations after successful BOP (Blow Out Preventer) repairs and testing on 18 June and has since continued its work on the first out of 3 firm wells for Shell Development (Australia).
Songa Mercur achieved operating efficiency of 100% during the month; the rig completed its transit to Sakhalin Island, Russia and anchored up on location 18 June for the one well Gazflot contract.
Songa Saturn remains warm stacked at Malta anchorage undergoing regular maintenance and operational preparedness for future contracts; the Company continues to actively market the rig.
Songa Dee achieved operating efficiency of 91% during the month; the rig continues to operate for Marathon / Lundin in Norway. Marathon / Lundin did not exercise its 6 month optional contract extension and the rig is currently being marketed with availability late Q2 2011.
Songa Delta has achieved operating efficiency of 99% during the month; the rig continues to operate for Wintershall / Det Norske Oljeselskap in Norway.
Songa Trym has achieved operating efficiency of 99% during the month; the rig continues to operate for Statoil in Norway.
Songa Eclipse is under construction at Jurong Shipyard Singapore. Mating of upper and lower hull sections was completed during the month and the rig floated out of dry dock for drilling package installations and outfitting, overall construction activities are progressing on schedule and estimated delivery time remains at end of April 2011. The Company is actively marketing the rig and has several specific contracts targeted for immediate start up after commissioning and delivery.
Limassol, 2 July 2010
