Songa Offshore to acquire Deepsea Delta

Songa Offshore ASA has entered into an agreement with Odfjell Drilling to acquire the semisubmersible Deepsea Delta for $428.5 million.

Offshore staff

OSLO -- Songa Offshore ASA has entered into an agreement with Odfjell Drilling to acquire the semisubmersible Deepsea Delta for $428.5 million. Deepsea Delta is an Ocean Ranger design, built in 1981 at Rauma Repola.

The rig will continue to be operated by Odfjell Offshore, a company within the Odfjell Drilling Group, for the remainder of the two contracts it is fixed for. Currently the rig is on a contract with StatoilHydro Petroleum ASA, which is estimated to end in February 2009.

Thereafter, the rig has been fixed for three years to a group of two oil companies, Revus Energy ASA and Det norske oljeselskap ASA, at a day rate of $435,000 plus cost escalation clauses.

06/17/2008

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