Contemplated private placement and successful e...

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART
DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE
UNITED STATES

Songa Offshore SE ("Songa Offshore" or the "Company") has decided  to
conduct a private placement  directed towards professional  Norwegian
and international  investors  after  the  close  of  the  Oslo  Stock
Exchange today. The private placement will amount to up to 18,500,000
new shares, equivalent to  up to approximately  17.5% of the  current
number of outstanding shares in the Company. In conjunction with  the
private placement, the Company will  seek to cancel its Total  Return
Swap with Nordea Bank Norge  ASA with 2,845,965 underlying shares  in
the Company.

The purpose of the  private placement is to  ensure that the  Company
has sufficient financial  capacity, and  to reduce  its overall  debt
obligations. The Company has made a successful exchange offer to  the
bondholders  in  the  3.25%  Songa  Offshore  ASA  Senior   Unsecured
Convertible Bond Issue 2007/2010. Upon completion, the exchange offer
will lead to an overall debt reduction of Songa Offshore by USD  62.5
million through a conversion of bonds into new shares equal to USD 50
million, calculated  on  the  basis  of  the  price  in  the  private
placement. In addition, the  term of the  remaining USD 62.5  million
will be extended  by two  years until  June 2012.  Completion of  the
exchange offer is  subject to  a bondholder  resolution being  passed
with two-thirds majority, and pre-acceptance from bondholders holding
more than two-thirds of the bonds has already been obtained.

The price  in the  private placement  will be  determined through  an
accelerated bookbuilding process, and the minimum order has been  set
to the number of shares that equals an aggregate purchase price of at
least the equivalent of NOK 1,000,000.

The subscribers in the private  placement will be delivered  existing
and unencumbered shares in the Company that are already listed on the
Oslo Stock Exchange, pursuant  to share lending  agreement for up  to
15,300,000 shares,  equivalent  to 14.5%  of  the current  number  of
outstanding shares in  the Company, entered  into between ABG  Sundal
Collier Norge ASA, Songa Offshore  and Spencer Energy AS. The  shares
delivered to the subscribers will thus be tradable from the date they
are allocated. A  listing prospectus will  be prepared in  connection
with the listing on the Oslo Stock Exchange of the new shares  issued
in the private placement and upon conversion of bonds.

The bookbuilding period opens today at  18:00 CET (11 June 2009)  and
closes on 12  June 2009 at  10:00 CET. The  joint lead managers  may,
however, at any  time resolve to  close or extend  the book  building
period at their own discretion.

Songa Offshore has  retained ABG Sundal  Collier Norge ASA,  Carnegie
ASA and SEB Enskilda AS as joint lead managers and joint  bookrunners
for the private placement and secondary sale of shares.

Limassol, 11 June 2009

For further enquiries, please contact:
Tom E. Jebsen, CFO ([phone])

                                 ***

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART
DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE
UNITED STATES:

The shares to  be offered have  not been and  will not be  registered
under the  U.S.  Securities  Act  of  1933,  as  amended  (the  "U.S.
Securities Act"), or any state  securities laws, and will be  offered
within the  United  States  only to  qualified  institutional  buyers
("QIB"), as defined in Rule 144A under the U.S. Securities Act ("Rule
144A") or an "Accredited  Investor" as defined  under Rule 501(A)  of
the US Securities  Act and  in reliance  upon an  exemption from  the
registration requirements in  the US Securities  Act, and to  certain
non-U.S. persons in offshore transactions in reliance on Regulation S
under the U.S. Securities Act. Any  US investor will be requested  to
sign and return an investor representation letter certifying that  it
is either a QIB or an  Accredited Investor. The shares to be  offered
will be  subject  to certain  restrictions  on transfer.  This  press
release shall not constitute an offer to sell or the solicitation  of
an offer to buy nor shall there be any sale of the securities in  any
country in which such offer, solicitation or sale would be unlawful.

This information is subject of the disclosure requirements  according
to §5-12 vphl (Norwegian Securities Trading Act).


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.