November 16, 2012 at 06:30 AM EST
Songa Offshore SE : Sale of Songa Eclipse

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

 

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



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Songa Offshore SE via Thomson Reuters ONE

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