Songa to Launch Convertible Bond Offering

Songa Offshore ASA plans to make an offering of up to USD 125 million in principal amount of convertible bonds due 2010.

The convertible bond issue is part of Songa's Refinancing where a group of four banks earlier had approved a USD 650 million banking facility.

The 3-year bonds will be convertible into ordinary shares of the Company. They are expected to have an annual coupon in the range of 2.75% - 3.25% and a conversion premium of 35% - 40%, based on the volume weighted average share price of the Company on the Oslo Stock Exchange from May 23, 2007, up until pricing.

The bonds are expected to be settled on or around June 1, 2007. The Notes will be issued at 100% of their principal amount and, unless previously converted or cancelled, will mature on June 1, 2010.

ABG Sundal Collier is acting as sole book runner for the Company Offshore in connection with the placement.


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