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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
* Non-current Bank loans of USD 24.3 million have been reclassified to
Current Bank loans, reflecting mandatory loan prepayment under the loan
* 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

Limassol, 30 April 2014

For further information, please contact:
Jan Rune Steinsland, CFO (+47 970 52 533)

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

Annual Report 2013


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Songa Offshore SE via Globenewswire


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