Songa Offshore (SONG:OSL) Songa Trym completes repairs and share price get a massive boost!
Norwegian rig operator Songa Offshore (http://www.songaoffshore.no) has announced that repairs and acceptance testing on its Songa Trym are completed. The news lifted the share price over 20%.
The Songa Trym has now received its “AOC diploma” and additional work and client acceptance testing of Songa Trym is now completed. Songa Trym will now be on stand-by rate (95%) while Statoil undertakes planned upgrade of the mud system. The rig will thereafter enter into its 3+2 year contract with Statoil under direct Songa Offshore management. The total cost for the yard stay is still expected to be in the range previously reported of US$205m! All Songa rigs are now operational, three of them on long-term contracts with Statoil. This was at last some positive news but while the…