Songa Offshore SE awarded two additional cat D rigs by Statoil
(Thomson Reuters ONE) -
Songa Offshore SE is pleased to announce that its 100% owned subsidiary, Songa
Rig AS, has received and accepted a Letter of Award (LOA) from Statoil for two
newbuild "cat D" semisubmersible rigs. This award follows the agreement of July
2011 between Songa Rig AS and Statoil for the first two cat D rigs. The
contract period is for eight years with an aggregated value of USD 2.66 Billion,
with options for extensions of another 12 years (4x3 years) per rig.
"We are proud to extend our industrial cooperation with Statoil, and look
forward to assuming our position as a leading drilling contractor on the
Norwegian Continental Shelf. The cat D rigs are the building blocks in Songa
Offshore's long-term strategy of advancing its position in the harsh waters of
the North Sea and the Barents Sea. Songa Offshore will operate three
semisubmersible rigs for Statoil from second half of 2012 and with the delivery
of these four new cat D rigs in 2014/15, Songa Offshore will take a lead role in
the region with a total of seven rigs carrying out exploration and production
drilling for Statoil and its partners." says Asbjørn Vavik, CEO of Songa
Offshore SE.
Vidar Skjelbred, Songa Offshore's country manager for Norway, says "The first
unit is due for delivery from Korea February 2014 and the last unit will be
delivered in May 2015. We are pleased that these four new rigs, in combination
with the three already in operation, provide further development opportunities
for our current employees. The fleet stability provided by Statoil's long-term
commitment to these rigs and the overall fleet size also provides exciting
possibilities for further recruitment and training of the workforce. In
addition, the common design of the four rigs also allows for interchange of
parts, equipment, crew and other resources, leading to an overall savings in
average operating costs."
Daewoo Shipbuilding & Marine Engineering Co (DSME) in South Korea will build the
rigs at a fixed price of USD 570 million per unit, inclusive of optional Statoil
upgrades that include Barents Sea winterization and other enhancements. The
drilling package will be delivered by Aker Solutions.
The 20/80 payment terms are staggered by the delivery schedule. Statoil has
granted Songa Offshore a bridge financing for the 20% down payment to DSME that
is based on standard market terms and conditions. Further construction costs
will be funded from a combination of ongoing cash flows in addition to
traditional bank loan financing.
Limassol, 24 February 2012
Songa Offshore SE
Board of Directors
Questions should be directed to:
Asbjørn Vavik, CEO: +357 9972 7711
Geir Karlsen, CFO: +47 91 60 83 32
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Songa Offshore SE via Thomson Reuters ONE
[HUG#1588746]
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Datum: 24.02.2012 - 07:56 Uhr
Sprache: Deutsch
News-ID 118203
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