Mandatory notification of trade

The board of directors of Songa Offshore SE has established a new
incentive programme for certain key personnel of the Songa Offshore
Group. The programme replaces the existing share option programme of
the Company awarded in 2008, and  comprises the granting of stock
appreciation rights (or so-called "synthetic options") corresponding
to the value of 2,435,000 ordinary shares in the Company in total (or
approx. 1.78% of the Company's existing share capital).

Under the new incentive programme, each right gives the holder a
right to receive, upon exercise, a cash compensation equal to the
quoted share price of the shares upon exercise, less the strike
price. The strike price is NOK 13.20 per share, which equals the
closing price for the Shares on the Oslo Stock Exchange on 31
December 2008. The rights will be vested over a 3 year period counted
from 1 January 2009, with 1/3 of the rights being vested each
following year. The rights may be exercised at any time in the 24
month period after the relevant vesting period.

The following primary insiders have on 9 December 2009 been awarded
stock appreciation rights under the new incentive programme:

* Asbjørn Vavik, CEO, 600,000 stock appreciation rights. Following
  the transaction, Mr. Vavik holds 100,001 shares and 600,000 rights
  to shares in the Company (including the stock appreciation rights).
* Tom Jebsen, CFO, 600,000 stock appreciation rights. Following the
  transaction, Mr. Jebsen holds 166,536 shares and 600,000 rights to
  shares in the Company (including the stock appreciation rights).
* Trond Christensen, COO, 600,000 stock appreciation rights.
  Following the transaction, Mr. Christensen holds 320,001 shares and
  600,000 rights to shares in the Company (including the stock
  appreciation rights).

This information is subject to disclosure requirements according to
section 4-1 and section 5-2 of the Norwegian Securities Trading Act.

Limassol, 2009-12-09


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