Cat D - Letter of award from 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
new build "Cat-D" semisubmersibles with firm terms of 8 years each, and options
that could extend this period to 20 years. The firm part of the contract has an
aggregated revenue value of approximately USD 2.5 Billion, inclusive of
mobilization, with a higher contract value upon program commencement due to
escalation provisions taking effect from 2011. Statoil has awarded the contract
for the two new build Cat D rigs on behalf of the participants in the Troll-
license.
Statoil has an option to award contracts for two additional rigs to Songa.
Mobilization of the units to Statoil will take place in direct continuation of
the rigs' delivery from Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME)
in Q1 and Q3 2014. The fixed price, inclusive of yard's project management and
commissioning, is USD 565 million per unit with 20/80 payment terms staggered by
delivery schedule. The construction cost is expected to be funded from a
combination of ongoing cash flows in addition to bank debt.
Asbjørn Vavik, CEO of Songa Offshore SE, says, "We are pleased to secure a
contract for two new build high specification semisubmersibles for mid-water
harsh environment in the Norwegian North Sea, which is consistent with our
strategy of fleet renewal. We consider this an excellent opportunity to further
strengthen our relationship with Statoil and manifest our position as a leading
provider of offshore rigs for the Norwegian North Sea region. The contract value
for the fixed 8 years contracts represents a significant increase in our backlog
and earnings visibility"
Limassol, 5 July 2011
Songa Offshore SE
Board of Directors
Questions should be directed to:
Asbjørn Vavik, CEO +357 9972 7711
Geir Karlsen, CFO +47 23 01 14 24 / +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#1528361]
Unternehmensinformation / Kurzprofil:
Datum: 05.07.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 56123
Anzahl Zeichen: 2838
contact information:
Town:
Oslo
Kategorie:
Business News
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"Cat D - Letter of award from Statoil"
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