PetroSaudi receives Songa drillship

Offshore staff

LIMASSOL, Cyprus -- Songa Offshore has completed the sale of its drillship Songa Saturn for net proceeds of $260 million.

The vessel was delivered earlier today to a subsidiary of PetroSaudi Oil Services Ltd.

The net cash effect to Songa Offshore, after repayment of debt, will be around $150 million.

10/08/2010

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