Songa Offshore SE is pleased to announce that the Company has received a Letter of Award (LOA) from one of the Major Oil Operator's of West Africa for its newbuild ultra-deepwater semisubmersible, Songa Eclipse. The LOA is for an 18 month plus 1 well firm term in direct continuation of rig delivery from Jurong shipyard, and is subject to partner and relevant government approval. The firm part of the contract has an aggregated revenue value of approximately USD 268 million with the addition of some client requested upgrades. The agreement further provides for three one-year options of escalated day rate, and these are exercisable at the Operator's discretion.
Songa is proud to have been selected by one of the world's premier Oil and Gas companies, also a leading Operator in the deepwater arena, for their significant exploration and development program offshore Angola. Songa looks forward to building upon its earlier relationship with the said Operator, as it brings its first ultra-deepwater unit into operation and appreciates the trust that have been placed in Songa's organization to execute a successful startup and long-term operation.