Songa delays bond issue

Songa today confirms that it has delayed its offering of seven year senior notes
that  it launched  on 27 January  2010.  The decision  to delay the offering was
made  this week  as a  result of  volatile market  conditions and  in light of a
deadline  of February 12, 2010 after which  its September 30, 2009 results would
no  longer  be  sufficiently  current  to  access the capital markets.  Songa is
currently  in the  process of  preparing its  financial statements for the 2009
financial  year,  and  following  completion  of  the  audit  of those financial
statements  will, based  among other  things on  market conditions  and investor
feedback on deal structure, determine when to access the markets.  ‪ ‪

Limassol, 12 February 2010

About Songa:
Songa  is a provider of offshore drilling services.  With its fleet of six rigs,
it  currently operates in the  North Sea, offshore North  and West Australia and
offshore North and West Africa.  Songa is headquartered in Limassol, Cyprus.

Forward Looking Statements:   Certain statements in this announcement are
forward-looking. These forward-looking statements represent expectations for
Songa's business and results of operations, and involve risks and uncertainties.
These forward-looking statements are based on current expectations, assumptions
and projections about future events.  Because these expectations and assumptions
involve known and unknown risks, uncertainties and other factors, which are in
some cases beyond Songa's control, actual results or performance may differ
materially from those expressed or implied by such forward-looking statements.
Given the risks and uncertainties, investors are cautioned not to place undue
reliance on such forward-looking statements.

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


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