Power Hedge
Macro, energy, alternative energy, contrarian

Songa Offshore: A Fallen Angel With The Potential To Deliver Enormous Returns

Songa Offshore (OTC:SGAZF) is a Norwegian-Cypriot offshore drilling contractor that was founded in January of 2005 with the purchase of two semisubmersible drilling rigs, Mata Redonda and La Muralla. The company renamed these two rigs to Songa Venus and Songa Mercur, respectively, shortly after acquiring them. The company expanded quickly after purchasing these two rigs, buying the Stena Dee (renamed the Songa Dee) in March 2006, the Deepsea Trym in January 2007, the Deepsea Delta in the second quarter of 2008, the Deepsea Driller (renamed the Songa Eclipse) in 2011, and a few other rigs and interests in rigs over the years which have been bought and sold. Today, the company has five offshore...

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