Songa Offshore SE ("Songa" or the "Company") has agreed to sell the ultra deepwater semi-submersible rig "Songa Eclipse" to Seadrill. The rig is sold for net sale proceeds of USD 590 million and delivery is expected to take place during December 2012.
After repayment of debt, the net cash effect from the sale proceeds will be approximately USD 280 million.
The company is as previously announced going through a thorough strategic review, and the sale of Songa Eclipse is a part of this process. The ongoing process aim to develop a structure for the Company that enhances all stakeholders` interests.
Limassol, 16 November 2012