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Songa Offshore ASA (OSL:SONG) Songa Venus has achieved operational efficiency of 93%, 98% and 94% in July, August and September. The rig has in the period completed its last well for Inpex on Western Shelf of Australia under current contract, it was thereafter farmed out by Inpex and completed a one well program for OMV before entering into a second farm out well to Santos in the same area. The ongoing well is considered to be the last well under current Inpex / ENI contract before starting up the earlier announced contract with the ADA led consortium towards the end of October.
Songa Mercur has achieved operating efficiency of 99%, 85% and 97% for July, August and September. The Company is marketing the rig for worldwide employment. Songa Mercur's dayrate increased from USD 300,000 to USD 400,000 from July 17.
Songa Saturn operated for 21 days in July. Thereafter it spent 16 days completing a mini upgrade at Takoradi, Ghana, according to the planned schedule. The rig then transited to Malta and arrived on August 28 for final commissioning of upgrades, and to undertake Client audits and receive Client equipment load outs. The Malta period was compensated with 50% of Operational Dayrate for duration of the stay.
Songa Saturn then departed for Libya on September 9 starting on its contract with HESS. The rig anchored at location for the first well for Hess on 11 September in 2800 ft of water, this being the first deepwater well offshore Libya. Operational efficiency was 100%, 100% and 96% for July, August and September.
Songa Dee and Deepsea Trym, which currently are both bareboated out, have operated normal during the quarter. Songa Offshore ASA is working with Stena on the SPS preparation for Songa Dee that will take place before earlier announced start up under direct Songa Offshore management for Lundin and Marathon in Norway towards end of Q1 2009.
The Company took delivery of the Deepsea Delta on August 25. The rig operated at a utilization level of 100% in September.
