Songa Offshore to fully own Songa Eclipse, lands a major contract

Songa Offshore SE (OSE: SONG) is in the news this morning. The company announced that it has received an order worth 268 million USD from a major oil operator for its newbuild ultra-deepwater semisubmersible into offshore Angola in West Africa. The order contains three one-year options of escalated day rate. Songa hopes to build upon its earlier relationship with the said major operator

The newbuild in question, a 6th generation Friede & Goldman ExD ultra-deepwater semi-submersible called Songa Eclipse, is under construction at Jurong Shipyard in Singapore and is scheduled for delivery in August. The new contract kicks in right after delivery. Shortly afterward Songa announced it has agreed to buy out the minority shareholders of Songa Eclipse Limited . Songa will pay 65 million USD for the shares (48.1%) plus potential bonuses to the sellers Omega ASA (35.1%) and Pareto World Wide Offshore AS (13.1%).