Songa Offshore SE (OTCMKTS:SGAZF) is an international Midwater Drilling Contractor. The company has established strong presence in the harsh environment North Atlantic basin and is actively pursuing to be a dominant contractor in Norway. The company’s fleet is growing and it will be soon having 7 midwater semisubmersibles and hold position to establish itself as the largest drilling services provider in Statoil. Today, Songa Offshore provided its monthly fleet update for the month of May 2014. The company operates a fleet of 5 rigs and an additional 4 rigs are scheduled to deliver during 2014 and 2015.
Songa Offshore SE (OTCMKTS:SGAZF) reported that Songa Dee and Songa Delta, which are working for Statoil in Norway, achieved 100 percent operational efficiency and an earnings efficiency of 99 percent and 100 percent, respectively. Songa Trym, which is also working for Statoil in Norway, achieved an 95 percent operational efficiency and an 94 percent earnings efficiency. The down time was related to in-between well maintenance, prior to deployment.
Songa Venus, which was working for Mubadala Petroleum in Malaysia, achieved a 100 percent operational efficiency and an 96 percent earnings efficiency during May 1 to May 6, 2014. The rig went off contract on May 6, 2014. Songa Venus is now stacked in Labuan, Malaysia.
Songa Mercur, which is working for Idemitsu in Vietnam, achieved an 100 percent operational efficiency and an 99 percent earnings efficiency.
Company Brief
Songa Offshore SE (OTCMKTS:SGAZF)’s management has proven track record of providing safe and cost efficient operations across Australia to Norway. The company also operates in the most challenging environments and has developed the highest quality management system which could qualify it to work in any region of the world. Bjornar Iversen, a Norwegian citizen, is the Chief Executive Officer of the company who joined last year in June 2013.