2013-02-25 08:24:33 -

Songa Offshore SE ("Songa" or the "company") reports operating revenue
for the
fourth quarter 2012 of USD 134.6 million and an EBITDA of USD 41.8 million. Net
loss for the quarter is USD 218.9 million, including the recognition of an
impairment loss of USD 213.3 million.


"We have put a couple of very challenging months behind us, with major delays
and cost overruns on Songa Delta and Songa Trym, changes in top management, and
the sale of Songa Eclipse. On the positive side, we now have all five rigs on
cash generating contracts, we have restored liquidity, and we have strengthened
both the board and the management team. Songa will now focus on then financing
of the CAT-D project, which are the most important task ahead. With three rigs
in operation for   Statoil, we will also ensure that we use the opportunity to
obtain operational benefits of scale," says interim CEO and Chairman of the
Board, Jens A Wilhelmsen.

In addition to continuous operational improvements, the focus for Songa going
forward will be to ensure that the company can take possession of the four new
CAT D rigs on time and budget. Songa has strengthened the operational management
team through the recruitment of Bjørnar Iversen as new president of Songa Rig
AS, who will take responsibility for bringing the Cat D rigs in operation under
the contracts with Statoil.

"The top management of Songa has recently been to Korea to assess the new build
project first hand, and to discuss all aspects of the delivery with the DSME
management. We are confident that the project is on track, with regard to both
delivery and costs. With a contract back log of USD 6.6 billion, we are also
confident that we will secure necessary financing of the new rigs," says Jens A
Wilhelmsen.

Please see attached the Q4 2012 Report.

Limassol, 25 February 2013
Board of Directors
Songa Offshore SE

Questions should be directed to:
Jens A Wilhelmsen, CEO and Chairman +357 976 49126
Geir Karlsen, CFO +47 23 01 14 24 / +47 91 60 83 32



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


Songa Offshore Q4 2012 Report: 
 hugin.info/136777/R/1680669/549177.pdf



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Source: Songa Offshore SE via Thomson Reuters ONE
[HUG#1680669]