Songa Offshore SE : Cat D update

Daewoo Shipbuilding and Marine Engineering Co. Ltd. (DSME) has delivered notices of arbitration in respect of the construction contracts for Songa Offshore's Cat D-rigs. No details regarding the dispute have been included by DSME in the notices. As informed by Songa Offshore (the "Company") in its first quarter 2015 interim financial report, DSME has experienced significant delays and cost overruns during the Cat D project. Irrespective of that, the Company continues to be of the view that any attempt to recover cost overruns is of no merit and will defend its position vigorously.

Further details will be provided as and when appropriate.

15 July 2015
Limassol, Cyprus

For further information, please contact:
Bjørnar Iversen, CEO ([phone])

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

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Source: Songa Offshore SE via Globenewswire

HUG#1938867