Songa Mercur (Songa Opus Offshore Drilling Pte Ltd) (Semisub)

Songa Offshore completes sale of Asian semisubs

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23 July 2014

Songa Offshore SE (Songa Offshore) has today completed the previously announced sale of the ‘Songa Mercur’ and ‘Songa Venus’ rigs to the Opus Offshore Group (Opus Offshore), in line with the press release dated 25th April, 2014. Songa Offshore will retain the cash flow generated between 1st January and 1stJune 2014 while the new rig owners of Opus Offshore and the Joint Venture operating company will assume the cash flow from 1 June 2014 onwards. Whilst both units will now be owned by Opus Offshore, they will be operated by a Songa/Opus JV, with the ‘Songa Venus’ now going on a bareboat charter to Opus Offshore until Q2 2015 with a dayrate of USD120,000.

Source: http://www.songaoffshore.com/Pages/Press-releases.aspx#


More News for Operator: Songa Opus Offshore Drilling Pte Ltd

10 Jun 2013

Songa secures additional Vietnam work for 'Songa Mercur'

Songa Offshore has announced that the company has secured additional work for its ‘Songa Mercur’ semi-submersible unit in Vietnam that will keep the unit contracted through to the beginning of 2014. Songa has signed a contract with Idemitsu Oil & Gas for one firm well for a duration of 80 days with a contract value of around US$21 million, that will begin following on from Eni’s contract with Vietnam. The contract also has a one well option attached which would extend the contract up to 140 days if exercised.

31 Dec 2013

'Songa Mercur' drills duster in Vietnam

KrisEnergy Ltd (KrisEnergy) has announced that the Eni operated Ca Ngu-1 exploration well that was drilled by the ‘Songa Mercur’ semisub in Vietnam has reached a total depth of 1,290m. The Ca Ngu-1 well was spudded on the 10th October 2013 and drilling was constantly delayed by typhoons that passed through the area and resulted in the crew from the ‘Songa Mercur’ being evacuated on numerous occasions. The well confirmed the presence of a petroleum system in the area and was plugged and abandoned following completion.

21 Oct 2013

Ca Ngu-1 exploration well begins drilling offshore Vietnam

KrisEnergy Ltd. (“KrisEnergy” or “the Company”), an independent upstream oil and gas company, is pleased to announce that on 21 October 2013, the Songa Mercur semisubmersible rig began drilling the Ca Ngu-1 exploration well in Block 120 offshore central Vietnam. The Ca Ngu-1 exploration well is planned to reach approximately 1,500 metres total vertical depth subsea and is intended to test the Ca Ngu oil and/or gas prospect. Water depth at the Ca Ngu-1 location is approximately 270 metres. “We originally acquired an interest in Block 120 in 2010 and following 2D and 3D seismic acquisition and interpretation, we are excited to be finally drilling Ca Ngu-1, one of several prospects in the contract area. The single well to have been drilled in the current boundaries of Block 120 was in the early 1990s and encountered oil,” said Chris Gibson-Robinson, KrisEnergy’s Director Exploration & Production. Block 120 covers an area of 8,574 sq km overlying the Quang Ngai Graben and the Tri Ton Horst where water depths range from 50 metres to 1,100 metres. The graben connects the Song Hong and Qiongdongnan basins in the north to the Phu Khanh Basin in the south. KrisEnergy holds a 25% working interest in Block 120 and is partnered by Eni Vietnam B.V. as the operator with 50% working interest and Neon Energy (Song Hong) Pty Ltd with 25%.

13 Feb 2014

Mubadala Petroleum exercises one well option on 'Songa Venus'

Songa Offshore (Songa) has announced that Mubadala Petroleum Ltd (Mubadala) has exercised the first well of its two option wells included in the original rig contract signed in may 2013. The well will be drilled in Malaysia and extends the length of the contract to cover the drilling of the additional firm well, leaving Mubadala with one further well option to exercise if required. The ‘Songa Venus’ was put up for sale in November 2013 by Songa as the company looks to shift its focus to drilling operations solely in the North Sea.

25 Apr 2013

Songa completes sale of two semisubs and announces creation of JV

Songa Offshore (Songa) has successfully completed the sale of two midwater semisub rigs to Singapore-based Opus Offshore (Opus) in a deal worth US$200 million. Under the terms of the deal, Songa has announced the establishment of a strategic joint venture (JV) drilling management company (Songa-Opus JV). The sale involves the ‘Songa Venus’ and ‘Songa Mercur’ rigs, which Songa has had earmarked for sale since the second half of 2013. Both units will be 100% acquired by Opus, but will be operated by the Songa-Opus JV. In addition to the two semisubs, the Songa-Opus JV will also operate four drillships that Opus currently has under construction and on order for delivery between 2014 and 2017. Furthermore, Opus will enter into a bareboat charter for the ‘Songa Venus’ between the closing of the above transaction and commencement of its SPS at the end of Q1 2015, the unit will be chartered at a fixed rate of US$120,000. The total transaction is expected to be worth between US$180 million and US$235 million to Songa depending on whether or not Opus exercises its buy-out option for the JV. Opus have the option to acquire Songa’s 50% share of the JV for US$20 million, starting 30 months post inception of the Songa-Opus JV, which is valid for a 12 month period.

27 Jun 2014

Songa's sale of two semisubs pushed back to July

Songa Offshore AS (Songa) has reported that the closing of the sales of the rigs ‘Songa Mercur’ and ‘Songa Venus’ from Songa Offshore SE to companies within the Opus Offshore Group, previously contemplated to take place within second quarter 2014, is now scheduled to take place within the end of July 2014. Upon the completion of the sale, both assets will be managed by the new Songa-Opus JV company.

1 Aug 2014

Honghua Group to provide drilling packages for Tiger drillships

Honghua Group Ltd. (Honghua), is pleased to announce that it has entered into a sales agreement with Shanghai Shipyard Co., Ltd. (Shanghai Shipyard) on 31st July 2014 for the sale of drilling packages for TIGER series drilling ships, ‘TIGER III’ and ‘TIGER IV’, worth over USD56 million, after the successful cooperation for ‘TIGER I’ and ‘TIGER II’. Pursuant to the Agreement, Honghua will deliver the drilling packages to Shanghai Shipyard in the end of 2015, equipped with a large amount of self-developed technologies and new products by Honghua which will significantly increase the efficiency of rigs and the stability of drilling ships.

22 Oct 2014

Songa announces reduction in bareboat charter for Songa Venus

Reference is made to the announcements made by Songa Offshore SE ("Songa Offshore") on 25th April 2014 and 23rd July 2014 regarding the sale of Songa Mercur and Songa Venus. Following negotiations between the Songa and the buyer certain amendments have been made to the transaction whereas the Songa’s liabilities in relation to the Songa Venus bareboat have been reduced. The following changes have been made to the previously announced transaction; the bareboat charter for Songa Venus between the buyer and Songa Offshore will end 15 February 2015, reduced from 31 March 2015. The operating expenses for Songa Venus will be for the account of the buyer from 1 November 2014. Songa Offshore will however pay a fixed daily rate of USD 35,000 as a contribution for operating expenses from 1st November 2014 until 15 February 2015. Songa Offshore will not engage in new employment for Songa Venus during the term of the bareboat charter. Songa Offshore will consequently discontinue to report operating and earnings efficiency for Songa Venus

8 Nov 2014

Opus Tiger-1 drillship successfully delivered

The drillship Opus Tiger-1 was officially named on 8th November 2014 at Shanghai Shipyard, in China. The unit will now be delivered to Opus Offshore, a subsidiary of Reignwood Group. The unit has been built to China State Shipbuilding Corporations (“CSSC”) tiger design and is capable of operating in water depths up to 5,000ft whilst drilling to a maximum depth of 32,800ft.The unit will be followed by the construction of Opus Tiger-2,3 and 4 in 2015/16, with all units also set to be constructed at Shanghai Shipyard.

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