Bussiness News

Songa Venus achieved operating efficiency of 96% during the month, the rig continued its work on the first out of 3 firm wells for Shell Development (Australia). Shell confirmed and exercised first out of 3 optional wells, this well has further been assigned to MEO Australia Limited.

Songa Mercur achieved operating efficiency of 98% during the month; the rig continues to operate outside Sakhalin Russia on a one well contract for Gazflot.

Songa Saturn remains warm stacked at Malta anchorage undergoing maintenance and operational preparedness for future contracts, the Company continues to actively market the rig.

Songa Dee achieved operating efficiency of 98% during the month; the rig continues to operate for Marathon / Lundin in Norway.

Songa Delta has achieved operating efficiency of 88% during the month; the rig continues to operate for Wintershall / Det Norske Oljeselskap in Norway.

Songa Trym has achieved operating efficiency of 98% during the month; the rig continues to operate for Statoil in Norway.

Songa Eclipse is under construction at Jurong Shipyard Singapore. Drilling package installations and derrick installations have taken place during the month and outfitting work continues, overall construction activities are progressing on schedule and estimated delivery time remains at end of April 2011. The Company is actively marketing the rig and has several specific contracts targeted for immediate start up after commissioning and delivery.