Mandatory notification of trade

The board of directors of Songa Offshore SE has decided to award stock
appreciation rights (or so-called "synthetic options") to certain key personnel
of the Songa Offshore Group. The number of new stock appreciation rights
corresponds to the value of 1,963,998 ordinary shares in the Company. Seen in
combination with the similar rights that were granted to employees in 2009, the
total number of outstanding stock appreciation rights as per today corresponds
to 4,518,998 ordinary shares in the Company (or approx. 2.69% of the Company's
existing share capital).

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 has been set at NOK 31.40 per share, which
equals the closing price for the shares of Songa Offshore SE on the Oslo Stock
Exchange on 30 December 2010. The rights will be vested over a 3 year period
counted from 1 January 2011, 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 been awarded stock appreciation rights under
the new incentive programme:

·          Asbjørn Vavik, CEO, 300,000 stock appreciation rights. Following the
transaction, Mr. Vavik holds 100,001 shares and 900,000 rights to shares in the
Company (including the stock appreciation rights).

·          Geir Karlsen, CFO, 300,000 stock appreciation rights. Following the
transaction, Mr. Karlsen holds 500,000 rights to shares in the Company
(including the stock appreciation rights).

·          Trond Christensen, COO, 300,000 stock appreciation rights. Following
the transaction, Mr. Christensen holds 320,001 shares and 900,000 rights to
shares in the Company (including the stock appreciation rights).



Limassol, 31 December 2010



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







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Source: Songa Offshore SE via Thomson Reuters ONE

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