Songa Offshore SE : Minutes from EGM

Reference is made to announcement from Songa Offshore SE ("Company") on 15 March 2016 and subsequent releases regarding its refinancing.

An extraordinary general meeting of the Company's shareholders was held today, 13 April 2016, at 9 am (CET). As follows from the attached minutes, all resolutions proposed were duly approved with sufficient majorities.

With this, and following the approval by the bondholders' meeting of the Company's three bond loans on 11 April 2016 and the successful close of the new USD 125 million convertible bond offering as announced on 7 April 2016, the main conditions for the Company's refinancing have now been fulfilled. The Company will proceed with issuance of the new convertible bond loan and execution of relevant amendment agreements expected to occur on or about 20 April 2016, as well as issuance of new shares resulting from debt conversion.

With respect to the subsequent equity offering, this will be launched upon publication of an offering and listing prospectus to be approved by relevant authorities. Shareholders as of close of trade today, 13 April 2016 (as recorded in the VPS on 15 April 2016), will, subject i.a. to applicable restrictions, receive non-transferable subscription rights for the subsequent equity offering. The shares will thus trade exclusive of the right to participate in the subsequent equity offering from tomorrow, 14 April 2016. The subscription price in the subsequent equity offering will be NOK 0.15. Further information on timing, terms and how to participate, will be announced in due course, and described in the prospectus to be prepared in connection therewith.

Limassol, 13 April 2016

For further information, please contact:
Jan Rune Steinsland, CFO ([phone])

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

Minutes from EGM 13 April 2016

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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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