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Tuesday, 02 December, 2008, 23:10 GMT | more >>

Songa snaps up Deepsea Delta



By Upstream staff 

Norwegian rig player Songa Offshore is set to buy the semi-submersible drilling rig Deepsea Delta from Odfjell Drilling in a $428.5 million deal.

The Deepsea Delta is third generation semisub, built in 1981 at Rauma Repola to an Ocean Ranger design.

It can operate in water depths of 1500 feet and has a 12 point mooring system.

The semisub will continue to be operated by Odfjell unit Odfjell Offshore for the remainder of the two contracts it is fixed for. Odfjell Offshore will be paid a management fee equal to 5% of actual dayrate achieved in return.

The Deepsea Delta is currently contracted to StatoilHydro until February next year on a dayrate of about $170,000.

Once work on the StatoilHydro contract is done, the rig will get to work for Revus Energy and Det norske under a three-year contract which carries a dayrate of $435,000 plus cost escalation clauses.

Songa said it plans to fund the deal via bank facilities and interest bearing instruments. It is working to put these in place.


Tuesday, 17 June, 2008, 07:14 GMT  | last updated: Tuesday, 17 June, 2008, 07:29 GMT

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