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Songa Offshore SE : Report for the first quarter 2014

Songa Offshore SE (the "Company") reports operating revenue for the fourth
quarter of USD 154.7 million and an EBITDA of USD 65.3 million. Net profit
for the quarter was USD 1.4 million including the recognition of an
impairment charge for Songa Mercur and Songa Venus of USD 24.7 million in the
quarter corresponding to the rigs' EBITDA in the quarter and consistent with
accounting practise for
Assets Held for Sale.

"We have again delivered a strong quarter operationally, with an operating
efficiency of 99.7%. In combination with increased cost control and reduced
operating costs, we are delivering the strongest quarterly EBITDA in three
years", says Songa Offshore CEO, Bjørnar Iversen.

Regarding the Cat D rigs, the yard has fallen behind on the delivery schedule
for all the rigs. The delivery of the first rig, Songa Equinox, is now
slipping into early first quarter 2015, with one rig being delivered each
subsequent quarter. As a consequence, the average USD 660 million
"ready-to-drill" cost will increase by 2-3%.

"We are clearly unsatisfied with the delays and have taken action in order to
ensure that appropriate measures are put in place. The yard has now allocated
300 to 400 more staff to complete the first unit. We are monitoring the
situation closely and are confident that the revised delivery schedules will
be met", says Bjørnar Iversen.

Please see attached the Q1 2014 Report.

26 May 2014

Limassol, Cyprus

Board of Directors

Songa Offshore SE

Questions should be directed to:

Jan Rune Steinsland, CFO (+47 97052533)

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

Songa Offshore SE Q1 2014 Report


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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