Songa Offshore SE : Update on Employee Discount...

Reference is made to Stock Exchange Release dated 14 November 2014 regarding the Employee Discounted Share Purchase Plan (the "EDSPP"). Under the EDSPP, all employees of the Songa Offshore Group can save a part of their salary for share purchases. Following a certain period of such savings, the relevant company in the Songa Offshore Group, with which the employee is employed, will provide an additional contribution based on the amount saved by the respective employee. The saving made by the employee and the additional contribution will be used to purchase Songa Offshore SE shares in the employee's name.

Going forward, such purchases of shares under the EDSPP will be made in accordance with the safe harbor rules under section 3-12 of the Norwegian Securities Trading Act and the EU Commission Regulation on exemptions for buy-back programs, which will provide safe harbor from the insider trading rules (the safe harbor rules). The share purchases will be made during the five last trading days in November and May each year, first time in November 2016. In accordance with the safe harbor rules, the purchased volume, as well as the average purchase price per share, will be announced on a daily basis. Following the last day of share purchases, the allocation to primary insiders will also be announced. The maximum amount of shares to be acquired under the EDSPP buy-back program in November 2016, May 2017, November 2017 and May 2018 will be 10,000,000 shares per period and the maximum consideration to be paid NOK 3,000,000 per period. The purchases in November 2016 are expected to amount to approximately NOK 1.1 million.

Any purchases will be made by an investment firm in accordance with the procedures under the safe harbor rules.   

23 November 2016
Limassol, Cyprus

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

---

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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