Songa Offshore to sell Songa Saturn

Songa Offshore SE has agreed to sell the Songa Saturn drillship to PetroSaudi Oil Services Ltd. for $260 million.

Offshore staff

LIMASSOL, Cyprus – Songa Offshore SE has agreed to sell the Songa Saturn drillship to PetroSaudi Oil Services Ltd. for $260 million. The vessel is a Global Marine Glomar 40 design built in 1983 and can operate in up to 3,800 ft (1,158 m) water depth.

The transaction is subject to certain conditions, but is expected to close before mid-October.

PetroSaudi says the rig will relocate from Malta to Port of Spain, Trinidad.

09/20/2010

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