Monthly update - April 2007
OPERATIONS
Songa Venus and Songa Saturn have since start of operations both operated within expected and budgeted utilization numbers.
SONGA MERCUR - STATUS ON UPGRADING
Songa Mercur is still undergoing remedial work on cranes in parallel of commissioning and acceptance testing at anchorage outside Singapore, estimated time of departure to Australia during first part of May.
STATUS ON REFINANCING
A group of four banks have today approved a new USD 650 million banking facility, which will refinance the two current banking facilities and commercial paper programmes currently in place. The new loan agreement will have a less steep installment profile which improves the Company's cash flow going forward.
The Company is still considering solutions for a new bond as indicated earlier, and will revert with more news on this within short.
EXTENSION OF CONTRACT
The Board can announce that INPEX Browse, Ltd and Eni Australia Limited have declared the first of two six month options on Songa Venus. This extends the fixed contract period until April 2008. Implicit day rate for the new period is USD 225,000 per day.
Oslo, 2007-04-24
Songa Venus and Songa Saturn have since start of operations both operated within expected and budgeted utilization numbers.
SONGA MERCUR - STATUS ON UPGRADING
Songa Mercur is still undergoing remedial work on cranes in parallel of commissioning and acceptance testing at anchorage outside Singapore, estimated time of departure to Australia during first part of May.
STATUS ON REFINANCING
A group of four banks have today approved a new USD 650 million banking facility, which will refinance the two current banking facilities and commercial paper programmes currently in place. The new loan agreement will have a less steep installment profile which improves the Company's cash flow going forward.
The Company is still considering solutions for a new bond as indicated earlier, and will revert with more news on this within short.
EXTENSION OF CONTRACT
The Board can announce that INPEX Browse, Ltd and Eni Australia Limited have declared the first of two six month options on Songa Venus. This extends the fixed contract period until April 2008. Implicit day rate for the new period is USD 225,000 per day.
Oslo, 2007-04-24
