Songa Offshore SE : Annual Report 2013

Please find attached Annual Report 2013 for Songa Offshore SE.

Please note that following the agreement with Opus Offshore for the sale of the two drilling rigs Songa Mercur and Songa Venus on 25 April 2014, the following adjustments have been made in the 2013 financial statements compared to the fourth quarter 2013 interim reporting:

• The two rigs have been valued at an estimated net selling price of USD 180 million in accordance with the requirements of IFRS, and have been classified as short term assets held for sale. An additional impairment loss of USD 20 million has thus been recognized in the 2013 financial statements
• Non-current Bank loans of USD 24.3 million have been reclassified to Current Bank loans, reflecting mandatory loan prepayment under the loan facility
• A non-cash tax expense of USD 21.8 million related to Norwegian exit tax has been provided for

Songa Offshore SE has made its Annual Report available on its website www.songaoffshore.com

Limassol, 30 April 2014

For further information, please contact:
Jan Rune Steinsland, CFO ([phone])

  
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Annual Report 2013

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Source: Songa Offshore SE via Globenewswire

HUG#1781539