Songa Venus secures contract for Australia

Songa Offshore ASA has been awarded a Letter of Intent from Australian Drilling Associates (ADA) to use the semisubmersible Songa Venus for development and exploration drilling offshore Australia.

Offshore staff

OSLO, Norway -- Songa Offshore ASA has been awarded a Letter of Intent from Australian Drilling Associates (ADA) to use the semisubmersible Songa Venus for development and exploration drilling offshore Australia.

ADA will be the main contractor and will manage the drilling on behalf of the oil companies operating under an ADA coordinated consortium on the Northwest Shelf and Timor Sea in Australia.

The contract is scheduled as a direct continuation of Songa Venus' current contract with ENI Australia and Inpex Browse, expected in 3Q 2008, and has a primary term of 400 days with a secondary term of another 400 days.

The firm contract is $160 million; the secondary term is at the same or at market rate if higher.

02/26/2008

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