Songa Trym Finds Oil South of Fram

The Statoil-contracted drilling rig Songa Trym encountered a minor oil discovery while drilling wildcat well 35/11-17 located approximately 1 kilometer south of the Fram field in the North Sea. The Norwegian Petroleum Directorate notes "the well's primary exploration target was to prove petroleum in Middle Jurassic reservoir rocks (the Brent group). The secondary target was … [Read more...]

Songa Sheds SE Asia Assets

Songa Offshore announced today they have sold the semisubmersible drilling rigs Songa Mercur and Songa Venus to Singapore-based Opus Offshore Group.  The rigs, as well as Songa's international operations staff will subsequently come under the umbrella of a new 50/50 Songa-Opus joint venture.   Songa's international staff may eventually find themselves working entirely for … [Read more...]

Songa Offshore Appoints New COO, Mark Bessell

Songa Offshore SE has appointed former Ocean Rig and Transocean executive Mark Bessell to the role of Chief Operating Officer. Songa Offshore CEO Bjornar Iversen comments, "I have been working closely with the Board of Directors to create what we believe to be the strongest and most dynamic management team in our industry - the appointment of Mark Bessell is entirely aligned … [Read more...]

Songa Offshore Slumps as DSME Falls Behind on Newbuild Rig Deliveries

Aug. 26 (Bloomberg) -- Songa Offshore SE, a Cyprus-based offshore drilling contractor, slumped the most in six months in Oslo trading as delays in rig construction and a possible funding gap raised investor concern about future cash flows. Shares in the Limassol-based company fell as much as 13 percent, the most since Feb. 5. The stock lost 9.1 percent to 7.16 kroner at 3:17 … [Read more...]

Optimism Abounds at Songa Offshore, Shares Gain over 5.5%

Investors in Songa Offshore (SONG:OSLO) reacted positively today to comments made by interim CEO and Chairman of the Board, Jens A Wilhelmsen.  Share prices were up over 5.5% to 6.32 NOK. "The results show that we have now definitely put a challenging period behind us," commented Mr. Wilhelmsen.  "I am proud and happy to hand Songa over to a new CEO in a state of profit. All … [Read more...]