Songa Offshore to Acquire Stena Dee

Songa Offshore has purchased the semisub, Stena Dee, subject to inspection for US $270 million.

Stena Dee is a Mitsubishi MD602 design, a winterized rig built 1984 in Japan - with a capacity of operating in 1800 ft of water. The rig is currently doing development work at the Troll field for Norsk Hydro.

Stena Dee will be delivered to Songa Offshore ASA, early April 2006, with a back to back bareboat charter to Sellers for a monthly rate of $1.250.000 - until the rig is finished with the Norsk Hydro contract - estimated end of 4th quarter of 2008. The rig will be marketed for employment on the Norwegian and UK sector for commencement 1Q 2009.

The Norwegian sector of the North Sea seems to face high drilling demand in the coming years. Stena Dee is well known among customers and well positioned for business in this promising market. There is a record number of applicants for new licenses in Norwegian waters.

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