Successful conclusion of private placement and ...

Songa Offshore SE ("Songa Offshore"  or the "Company") is pleased  to
announce  the  successful  completion  of  a  private  placement   of
18,080,000  shares  directed   towards  professional  Norwegian   and
international investors after the close of the Oslo Stock Exchange on
11 June 2009. The substantially oversubscribed placement was done  at
a price of NOK 23.70 per  share, and the capital increase  represents
approximately 17.2%  of the  outstanding shares  in the  Company.  In
conjunction with the private  placement, the Company cancelled  their
Total  Return  Swap  with  Nordea  Bank  Norge  ASA  with   2,845,965
underlying shares in the Company.  The total gross proceeds from  the
private placement and the  cancellation of the  Total return Swap  is
approximately NOK 496 million.

The Company made a  successful exchange offer  to the bondholders  in
the 3.25% Songa Offshore ASA Senior Unsecured Convertible Bond  Issue
2007/2010. The exchange offer will lead to an overall debt  reduction
for Songa Offshore by USD 62.5 million through a conversion of  bonds
into 13,459,916  new  shares  (the  exact number  of  shares  may  be
adjusted due to rounding).  In addition, the  terms of the  remaining
USD 62.5 million of the bond issue will be exchanged into a LIBOR+12%
senior unsecured bond  issue with maturity  June 2012. Completion  of
the exchange offer is subject to a bondholder resolution being passed
with  two-thirds  majority.  Signed  pre-acceptance  agreements  from
bondholders holding more  than two-thirds of  the bonds have  already
been received.

Through the private placement, the share capital of the Company  will
be increased by EUR 3,469,391 by the issue of 31,539,916 new  shares.
After the issue of the shares placed in the private placement,  Songa
Offshore's share  capital  will  be  EUR  15,053,221,  consisting  of
136,847,460 shares with a nominal value of EUR 0.11 per share.

The subscribers in the private  placement will be delivered  existing
and unencumbered shares in the Company that are already listed on the
Oslo Stock Exchange, pursuant to  share lending agreements for up  to
18,080,000 shares, equivalent to  approximately 17.2% of the  current
number of outstanding shares in the Company, entered into between ABG
Sundal Collier  Norge ASA,  Songa Offshore,  and Spencer  Energy  AS,
respectively. The shares  delivered to the  subscribers will thus  be
tradable from the date they are allocated. A listing prospectus  will
be prepared in connection with the listing on the Oslo Stock Exchange
of the  new  shares to  be  issued  in connection  with  the  private
placement and upon conversion of bonds.

The issue  was managed  by the  investment banks  ABG Sundal  Collier
Norge ASA, Carnegie ASA  and SEB Enskilda AS  as joint lead  managers
and joint bookrunners for the private placement and secondary sale of
shares.

Limassol, 12 June 2009

For further enquiries, please contact:
Tom E. Jebsen, CFO ([phone])

                                 ***

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

The shares to  be offered have  not been and  will not be  registered
under the  U.S.  Securities  Act  of  1933,  as  amended  (the  "U.S.
Securities Act"), or any state  securities laws, and will be  offered
within the  United  States  only to  qualified  institutional  buyers
("QIB"), as defined in Rule 144A under the U.S. Securities Act ("Rule
144A") or an "Accredited  Investor" as defined  under Rule 501(A)  of
the US Securities  Act and  in reliance  upon an  exemption from  the
registration requirements in  the US Securities  Act, and to  certain
non-U.S. persons in offshore transactions in reliance on Regulation S
under the U.S. Securities Act. Any  US investor will be requested  to
sign and return an investor representation letter certifying that  it
is either a QIB or an  Accredited Investor. The shares to be  offered
will be  subject  to certain  restrictions  on transfer.  This  press
release shall not constitute an offer to sell or the solicitation  of
an offer to buy nor shall there be any sale of the securities in  any
country in which such offer, solicitation or sale would be unlawful.

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


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.