Songa Offshore SE : Rightsizing of onshore orga...

Songa Offshore SE (the Company) is now transforming from being largely a projects organization to an optimized operating organization.

The Company today announced that as part of this process, the overall number of onshore employees and contractors, is proposed to be reduced by up to 200, of this 76 employees and 124 contractors, reflecting the current market. The Company will centralize the support functions out of Norway and the plan is to close offices in Aberdeen and South Korea. Headcount reductions will primarily take place in the project organization in South Korea and the project supporting organizations in Stavanger and Aberdeen. The process will also include a rightsizing of the operating and staff organizations in Cyprus, Stavanger, Oslo and Bergen.

The corresponding annual reduction in expenses in total will amount to approximately USD 30 million.

The offshore organization is not affected by this process.

"This is a very important and necessary adjustment of our organisation to secure Songa Offshore's competitiveness and sustainability in an extremely challenging drilling market", says CEO Bjørnar Iversen.

1 February 2016

Limassol, Cyprus

For further information, please contact:
Bjørnar Iversen, CEO ([phone])

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

---

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#1982748