Songa Offshore has entered into an agreement to...

Songa Offshore SE ("Songa" or the "Company") is pleased to announce that a
wholly owned subsidiary of the Company has entered into an agreement to sell the
drillship Songa Saturn to a wholly owned subsidiary of PetroSaudi Oil Services
Ltd. ("PetroSaudi") for net sales proceed of USD 260 million.  As advised by the
Company on September 9, 2010, in order for the agreement to get effective,
certain conditions have to be met.  Songa has been advised by PetroSaudi that
these conditions are close to being met.


Songa  Saturn is a drillship of Global  Marine Glomar 40 design with water depth
capacity up to 3800 ft built in 1983 by Far East Levingston Shipbuilding.

PetroSaudi has paid a customary deposit to Songa, further paid for the class
renewal recently undertaken, and has entered into an agreement that covers a
fully paid relocation of Songa Saturn from the current location in Malta to Port
of Spain, Trinidad.  The agreement does also include a return voyage plus
compensation if said business opportunity fails to materialize.

The transaction is expected to complete before mid-October 2010.

Limassol, 20 September 2010

Questions should be directed to:
Geir Karlsen, CFO [phone] / [phone]
Tom Jebsen, SVP  [phone] / [phone]


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


[HUG#1445272]








This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Songa Offshore SE via Thomson Reuters ONE