Songa Offshore wraps up rigs sale

Songa Offshore SE, a Cyprus-headquartered offshore drilling contractor, has today completed the previously announced sale of the Songa Mercur and Songa Venus rigs to the Opus Offshore Group.

In line with the press release dated 25 April, 2014, Songa Offshore SE  entered into an agreement with Opus Offshore Group for the sale of the Songa Mercur and Songa Venus and establishment of a strategic joint venture drilling management company.

Songa Offshore will retain the cash flow generated between 1 January and 1 June 2014 while the new rig owners of Opus Offshore and the Joint Venture operating company will assume the cash flow from 1 June 2014 onwards.