New bankfacility

Reference  is made to the Company's latest quarterly report released on 9 August
2010, in  which the Company confirmed that it  had over the last few months been
working  on a complete  refinancing of the  Company's bank-facility and expected
this to be completed within a short period of time. The Company is today pleased
to  announce  that  the  new  facility  is  fully committed. Finalization of the
documentation  of the loan facility and the subsequent draw-down are expected to
take  place within the next weeks.  The terms and covenant-structure are in line
and similar to the current financing.

The  new facility will be  in the total amount  of USD 650 million, split into a
term loan of USD 450 million and a revolving credit facility of USD 200 million.
The new facility will be a five year loan with 20 equal installments.

As  a result of this refinancing,  the Company reduces its repayment-commitments
by USD 87 million in 2010, USD 80 million in 2011 and USD 50 million in 2012.

The loan is committed by a group of ten banks lead by Nordea Bank Norge ASA, DVB
Bank SE and ING Bank N.V.

Limassol, 16 August 2010


Questions should be directed to:

Geir Karlsen, CFO [phone] / [phone]

Tom Jebsen, Senior Vice President [phone] / [phone]


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


[HUG#1438055]








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Source: Songa Offshore SE via Thomson Reuters ONE