New Bank Facility established

Reference  is made to Songa Offshore SE's ("the Company") press release sent out
on  16 August 2010, regarding the  new committed bank  facility.  The Company is
pleased  to  announce  that  the  documentation  is  now  finalized and the Loan
Agreement  has been signed by  all parties.  Drawdown on  the facility has taken
place today.

The  new facility is in the amount of USD 532 million, split into a term loan of
USD  368 million and  a revolving  credit facility  of USD 164 million.  The new
facility is a 5 year loan with 20 equal installments.

This  step completes the  refinancing of the  Company and the  new bank facility
will  reduce the repayment commitments going forward.   Seen in combination with
the sale of the drillship Songa Saturn, the Company is now in a situation with a
comfortable  cash balance and where the net debt is reduced to approximately USD
310 million.   The mentioned revolving  credit facility is  undrawn for the time
being.   The  Company  should  therefore  be  well  positioned  to  finance  its
investment in the deep water segment through the investment in Deepwater Driller
Ltd, and to further look for other growth opportunities.


Limassol, 27 October 2010


Questions should be directed to:

Geir Karlsen, CFO [phone] / [phone]

Tom Jebsen, Senior Vice President [phone] / [phone]



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


[HUG#1456096]








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Source: Songa Offshore SE via Thomson Reuters ONE