Songa Offshore SE : October fleet update

Songa Venus achieved an operating efficiency of 100% during the month. The rig continues to operate for Petronas Carigali in Malaysia.
Songa Mercur continued its operational preparations in Trinidad during the month. The rig commenced its mobilization to Cuba during the first week of November and is currently underway for the start up of its previously announced contract with Zarubezhneft in Cuba.
Songa Dee achieved an operating efficiency of 99% during the month continuing working for Statoil on the Gullfaks field.
Songa Delta continued its Operator sponsored upgrade and life enhancement yard stay at CCB during the month. The project was finalized and the rig departed from CCB during the first week of November and thereafter completed Class required incline and client acceptance tests. The rig then mobilized to the operative location commencing the 4+1 year contract with Statoil on November 14. Songa’s estimated total cost for the yard stay is USD 130-140 million. A detailed overview of the yard stay will be given in the third quarter presentation
Songa Trym continued the SPS (Special Periodic Survey) and Operator sponsored rig upgrade & life enhancement program at CCB during the month. Repair and replacement scopes of drilling components have been increased, and the yard stay is now estimated completed mid December 2012. The rig will then enter into its 3+2 year contract with Statoil under direct Songa Offshore Management.
Songa Eclipse experienced some downtime during the month related to labor issues, and achieved an operating efficiency of 68%. These issues were solved by the end of the month and this far in November the rig has had an operation efficiency of 100% continuing its contract with Total E&P Angola.
With reference to the press release sent out on October 22, 2012, the Company entered into a Heads of Agreement (HOA) with Seadrill for a potential sale of Songa Eclipse. The final outcome of the due diligence process is expected shortly.