Songa Offshore SE : Close of books expected at ...

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

Reference is made to today's announcement by Songa Offshore SE ("Songa" or the "Company"), in which the Company announced a comprehensive refinancing inter alia by way of a fully guaranteed private placement with gross proceeds in the amount of approximately USD 250 million (NOK 1,525 million) (the "Private Placement") and the issue of a subordinated convertible bond  (the "Convertible Bond") with gross proceeds in the amount of USD 150 million (the "Convertible Bond Issue").

The Company expects that the book-building periods for the Private Placement and the Convertible Bond Issue will be closed at 22:00 CET today, 25 November 2013. To be eligible for allocation, orders must be received by the managers prior to such time. The Company therefore encourages shareholders and other stakeholders wanting to participate in the either of the placements to contact one of the managers as soon as possible.

Based on orders received, the Company expects that the coupon of the Convertible Bond will be set at 4% p.a.

Fearnley Securities AS and Swedbank Norge, part of Swedbank AB (publ) act as joint lead managers and joint bookrunners for the Private Placement and the Convertible Bond Issue. SEB is acting as an independent financial advisor to the Company and its Board of Directors.

Limassol, 25 November 2013

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For further information, please contact:

Bjørnar Iversen, CEO ([phone])
Jan Rune Steinsland, CFO ([phone])

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This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the Australia, Canada, Japan or the United States.

Certain statements contained herein that are not statements of historical fact, may constitute forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results or events concerning the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual events or results to differ from those described in forward-looking statements contained herein, there can be no assurance that the forward-looking statements will prove to be accurate as actual future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, the Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events.

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

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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

HUG#1745577