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songa

Markets

“Soft” Norwegian market hits Songa’s earnings

Songa Offshore have announced a loss of $6.4million in its third quarter statement. The company’s profit was $1.1million during the same period which it said had been affected by the lower revenue contribution from the sale of the Songa Venus and Songa Mercur rigs. Last month, the company cut its financial liabilities in relation to its Song Venus bareboat charter agreement.

Oil & Gas

Statoil suspends contract with Songa

Statoil will suspend its contract with Songa Offshore for one of its rigs following work on a well in the Oseberg field in the North Sea. The rig is currently performing plug and abandonment activity, and Songa said in a statement the work is currently ahead of the planned schedule. The rig is currently performing plug and abandonment activity, and Songa said in a statement the work is currently ahead of planned schedule. From this month, the rig will go on a 75% suspension rate at a cost of $279,000 per day until the end of this year.

Oil & Gas

Songa Offshore signs loan agreement

Songa Offshore has signed loan agreements for its last two Cat D drilling rigs, the company announced. The $1.1billion deal is for the Songa Encourage and Songa Enabler and consists of a revolving pre-delivery financing of $90million per rig and a post-delivery financing of $550million per rig.