Songa Awards Contract For Drilling Operations Offshore Libya

Songa Saturn has secured a contract with a consortium of oil companies led by Nippon Oil Exploration Limited for drilling operations offshore Libya. The contract is for four firm wells plus five option wells. The other oil companies in the consortium are CNPC International Ltd., Japex Libya Limited and Petrobras International Braspetro B.V.

The revenue for the four firm wells is expected to be USD 75 million, and if all five option wells are drilled the revenue expectation is another USD 91 million.

Songa Saturn is currently operating under a 6+2 well contract for Noble in Equatorial Guinea, which is anticipated to last until early 2008. Thereafter the drillship will have a shorter yard-stay to mount equipment, which will increase the drillship's water depth capacity to 3,800 ft. Songa Saturn will thereafter move to Libya and drill one well for Hess before commencing on the abovementioned Consortium's contract second quarter 2008.

With this contract Songa Saturn has secured employment to early / mid 2009.

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