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ADA contracts Songa Venus

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OSLO, Norway -- Songa Offshore ASA and Australian Drilling Associates (ADA) have signed a contract for development and exploration drilling in Australia using the semisubmersible Songa Venus.

The contract has a primary term of 376 days, with the contract value totaling approximately $150 million. The secondary term of another 376 days will have a mutually agreed market rate contract value.

ADA will manage the drilling operations on behalf of the independent oil companies operating under an ADA-coordinated consortium on the North Western shelf, Timor Sea, and Bass Straight in Australia.

The contract is scheduled to begin in direct continuation of Songa Venus's current contract with ENI Australia and Inpex Browse in 4Q 2008.

07/16/2008

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