Songa Offshore SE : Songa Equinox update

Songa Equinox went on sea trial as planned on 19 March 2015.

Prior to sea trial departure, the inclination test indicated a heavier than expected Light Unit Weight. This will mandate the installation of sponsons and blisters as per those already installed on Songa Encourage and Songa Enabler. The remedial work will be done in Korea by DSME at the yard's cost.

This installation work will impact the delivery time by an estimated up to four weeks using cofferdams.

In close cooperation with our client Statoil, this additional time at the DSME yard will allow to carry out some of the work that was planned to take place in Norway on 3^rd party equipment.

Overall, the mobilization and operational readiness are not expected to be materially impacted.

Limassol, Cyprus
24 March 2015

For further information, please contact:
Bjørnar Iversen, CEO (+357 996 49 152)