Songa Offshore
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| Type | Societas Europaea (OSE: SONG) |
|---|---|
| Industry | Petroleum |
| Founded | 2005 |
| Headquarters | Limassol, Cyprus |
| Key people | Arne Blystad (Chairman), Asbjørn Vavik (CEO) |
| Products | Drilling rigs and ships |
| Revenue | US $784.7 million (2009)[1] |
| Profit | US $260.7 million (2009)[1] |
| Employees | 300 (2008)[2] |
| Website | www.songaoffshore.no |
Songa Offshore SE (OSE: SONG) is a Norwegian-Cypriot drilling contractor founded in 2005 with offices in Oslo, Houston, Singapore, Malabo, Equatorial Guinea, and Perth, Australia.
Contents
History
Songa Offshore AS was founded in January 2005 with the purchase of the two semisubmersibles, Mata Redonda and La Muralla. The rigs were purchased from the Mexican company, IPC. The Mata Redonda was renamed Songa Venus and the La Muralla was renamed Songa Mercur.
In April 2005, Songa Offshore ASA was founded. The shares of Songa Offshore ASA were listed on the Norwegian OTC list in May 2005 and, in connection with the bond financing, the company issued warrants traded on the OTC list. The rigs were delivered to Songa Offshore in June 2005, and were moved to Galveston, where the company began preparing the rigs for work.
In September Songa Offshore purchased the drill ship Glomar Robert F Bauer. The rig was renamed Songa Saturn and delivered 11 November 2005. The Songa Saturn has entered a shipyard in Turkey for refurbishment and re-certification.
End of October 2005 Songa Offshore purchased 20.187 % of the semi submersible Deepsea Bergen.
Songa Offshore recruited an experienced, highly respected industry management team in September 2005 with headquarters in Houston. In the beginning of March 2006 Songa Offshore purchased the semisubmersible drilling rig Stena Dee. The rig, now named Songa Dee, is on contract with Norsk Hydro until end of 2008, and the rig will be marketed for employment on the Norwegian and UK sector for commencement 1Q 2009.
In November 2006, the company sold its interests in the rig Deepsea Bergen to a group of investors. The sale price was USD 53.5 million, generating a profit of USD 19.1 million.
In December 2006, Songa Offshore entered into a contract with Odfjell Rig Limited to acquire the midwater semi submersible Deepsea Trym for USD 238.5 million. The rig is currently working for Hydro on the Troll field on a firm contract until February 2008 with 2 ea 6 month options outstanding. The transaction is scheduled to be completed mid January 2007 and Odfjell Drilling will continue to operate the rig for Hydro under a bareboat agreement for the remainder of the Hydro contract, which runs to March 2009 if all options are declared.
The company was listed on the Oslo Stock Exchange on 26 January 2006. Initially registered in Oslo, Norway as Songa Offshore ASA, the firm changed its legal status to Societas Europaea in 2008 and its domicile to Limassol, Cyprus in 2009.
Operations
Semi-submersible drilling platforms
Drill ships
References
- ↑ 1.0 1.1 "Annual Report 2009". Songa Offshore. http://hugin.info/136777/R/1399134/354732.pdf. Retrieved 2010-04-05.
- ↑ "Annual Report 2008". Songa Offshore. http://www.songaoffshore.no/reports/136777/R/1304211/299066.pdf. Retrieved 2009-12-18.
External links
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