Songa Offshore completes $260MM sale of Songa Saturn drillship to PetroSaudi

Source: Songa Offshore

Songa Offshore has now finalized the sale of the Songa Saturn transaction, and the drillship was delivered to a wholly owned subsidiary of PetroSaudi Oil Services Ltd this morning. The drillship is sold for net sale proceeds of US $260 million.

The transaction will give a positive result of approximately US $67 million, which will be recorded in the fourth quarter of 2010. The net cash effect from the transaction after repayment of debt will be approximately US $150 million.

The sale represents no change in the Company's growth strategy but should be seen as an opportunistic move against the Company's plan to expand the fleet into newer assets. 

The Songa Saturn drillship is capable of operating in water depths up to 3,800 feet and drilling to a total depth of 25,000 feet. Built in 1983 and previously named the Glomar Robert F Bauer, the Songa Saturn was upgraded in 2006 and 2009.

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