Songa Offshore SE : Work at Songa Trym completed

Songa Offshore SE is pleased to announce that Songa Trym has now received its AOC diploma and additional work and client acceptance testing of Songa Trym is now completed.  As of today, Songa Trym will be on stand-by rate while Statoil undertakes planned upgrade of the mud system. The rig will thereafter enter into its 3+2 year contract with Statoil under direct Songa Offshore management.

Further information about the total cost for the yard stay, still expected to be in the range previously reported, will be provided in connection with the Q4 2012 results presentation.

With Songa Trym finally on contract, we are passing an important milestone. All rigs are operational, three of them on long-term contracts with Statoil. However, we are far from satisfied with the delays and cost overruns we have had on both Songa Delta and Songa Trym. While a lot is down to unforeseeable problems, there is no doubt that there is room for improvement on our part. We will now thoroughly assess all aspects of the projects in order ensure that this will not happen again, says chairman and interim CEO Jens A Wilhelmsen. 

18 February 2013
Limassol, Cyprus

For further information, please contact:

Jens A Wilhelmsen, Chairman and CEO [phone]

Geir Karlsen, CFO [phone]

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

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Source: Songa Offshore SE via Thomson Reuters ONE

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