Songa Offshore enters into a letter of intent f...

Songa Offshore  SE ("Songa")  is  pleased to  announce that  we  have
entered into a letter of intent with Statoil Petroleum AS ("Statoil")
for the semisubmersible  Songa Trym  for operation  in the  Norwegian
North Sea.  The  letter  of intent  is  subject  Statoil's  partners'
approval by 19 November 2009. The current contract expires 1 February
2011, while the  renegotiated contract has  extended the  termination
date until 1  July 2012, partly  in exchange for  a reduction in  the
dayrate for the remaining originally contracted period. The  contract
value for the period from  1 December 2009 until  1 July 2012 is  USD
344 million.

In addition Statoil has  an option for one  or two additional  years,
such option to be exercised by 1 July 2011.

If Statoil elects to exercise the option period, any cost  associated
with continued  maintenance of  the AOC   from the  Petroleum  Safety
Authority Norway will be amortized and added to the day rate over the
option period.

Additional  upgrade   to   enhance  the   rig's   subsea   completion
capabilities is under evaluation  by Statoil, and  any cost for  this
upgrade will be paid  by Statoil under  an amortization schedule  for
the remaining firm period of the contract.

The current manager of Songa  Trym, Odfjell, will continue to  manage
the rig under a revised operating agreement between Songa and Odfjell
with reduced management fee.

Limassol, 11 November 2009

Contact:
CEO Asbjørn Vavik [phone]
CFO Tom E. Jebsen [phone]


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