Deepsea Trym Receives Contract Extension from StatoilHydro

Songa Offshore ASA has entered into a contract with Deep Sea Rig AS ('DSR'), a company within the Odfjell Group, for lease and management of the Company's semisubmersible Deepsea Trym.

At the same time DSR has entered into an agreement with StatoilHydro ASA for an extension of the current contract between those two parties. The contract secures continued employment for Deepsea Trym for two years plus an optional third year.

The total value of the extended contract is estimated to be US $347 million. In addition, a bonus system for efficient operations will apply.

As to the rig, DSR and Songa have agreed on a management fee to be paid to DSR. This will run at 10% of actual achieved fixed rate, i.e. both parties are exposed to downtime if any.

Deepsea Trym is equipped with a 10K BOP system. Songa has recently ordered a 15K BOP from Cameron, with expected delivery during 2010. This to secure the ability to upgrade if needed. The above mentioned contracts do not assume an installation of the newly ordered BOP or any other upgrades.

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