Letter of Award received from Shell Development...
Further to the announcement in December 2009 of the signing of a Letter of
Intent with Shell Development (Australia), Songa Offshore is pleased to announce
that it has received a Letter Of Award from Shell Development (Australia)
confirming the use of the Songa Venus for the upcoming 2010 Exploration Drilling
Campaign in the Browse Basin in Australia.
The program has an estimated duration of 156 days. Shell Development
(Australia) will also have the right to exercise up to three additional Optional
wells with an estimated duration of 50 to 60 days each. The firm program is
expected to generate aggregate revenue in excess of USD 40 million.
The contract with Shell Development (Australia) is expected to commence on or
around 1 April 2010, following Songa Venus' five-year Special Periodic Survey
currently taking place in Singapore.
Limassol, 8 February 2010
About Songa:
Songa is a provider of offshore drilling services. With its fleet of six rigs,
it currently operates in the North Sea, offshore North and West Australia and
offshore North and West Africa. Songa is headquartered in Limassol, Cyprus.
Forward Looking Statements:Â Â Certain statements in this announcement are
forward-looking. These forward-looking statements represent expectations for
Songa's business and results of operations, and involve risks and uncertainties.
These forward-looking statements are based on current expectations, assumptions
and projections about future events. Because these expectations and assumptions
involve known and unknown risks, uncertainties and other factors, which are in
some cases beyond Songa's control, actual results or performance may differ
materially from those expressed or implied by such forward-looking statements.
Given the risks and uncertainties, investors are cautioned not to place undue
reliance on such forward-looking statements.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1381880]
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