Successful completion of private placement

NOT  FOR RELEASE, PUBLICATION OR  DISTRIBUTION, IN WHOLE OR  IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES

Reference  is made  to the  stock exchange  notice of  24 March 2010 regarding a
private  placement of USD  50 million in Songa  Offshore SE ("Songa Offshore" or
the "Company") and the Company's investment in Deepwater Driller Ltd.

Songa  is pleased to announce the successful completion of the private placement
of  10,365,000 shares directed towards  professional Norwegian and international
investors  after  the  close  of  the  Oslo Stock Exchange on 24 March 2010. The
substantially  oversubscribed placement was made at a price of NOK 29 per share,
and the capital increase represents approximately 6.6% of the outstanding shares
in  the  Company.  Gross  proceeds  from  the  private  placement  amount to NOK
300,585,000.

The  share capital increase  was resolved by  the Board of  Directors within the
authorised  share capital of the Company. The  share capital is increased by EUR
1,140,150 by the issue of 10,365,000 new shares. Following the completion of the
private  placement Songa Offshore's share  capital is EUR 18,448,379.84, divided
into 167,712,544 shares with a nominal value of EUR 0.11 per share.

The  subscribers  in  the  private  placement  will  be  delivered  existing and
unencumbered  shares in the  Company that are  already listed on  the Oslo Stock
Exchange,  pursuant  to  share  lending  agreement  entered  into between Pareto
Securities  AS,  Songa  Offshore  and  Spencer  Energy  AS  in  respect of up to
10,365,000 shares. The shares delivered to the subscribers will thus be tradable
from the date they are allocated.

The issue was managed by Pareto Securities AS as Sole Manager and Bookrunner.


For further information, please contact:
Tom E. Jebsen, CFO ([phone])
Asbjørn Vavik, CEO ([phone] / [phone])




NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES:

The shares to be offered have not been and will not be registered under the U.S.
Securities  Act of  1933, as amended  (the "U.S.  Securities Act"), or any state
securities  laws, and will be offered within the United States only to qualified
institutional  buyers ("QIB"), as defined in Rule 144A under the U.S. Securities
Act  ("Rule 144A"), and to certain non-U.S.  persons in offshore transactions in
reliance  on Regulation S under the U.S. Securities Act. Any US investor will be
requested  to sign and return an  investor representation letter certifying that
it is a QIB. The shares to be offered will be subject to certain restrictions on
transfer.  This  press  release  shall  not  constitute  an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any country in which such offer, solicitation or sale would be unlawful.

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



[HUG#1397481]