Songa Dee Wins Two Year Contract

Songa Offshore ASA

Songa Offshore ASA has accepted a Letter of Award for a contract for the Songa Dee. The contract is firm for 2 years and includes 2 six-month option periods.

The Operators may use the Songa Dee in the Norwegian and the UK sectors of the North Sea. The contract will commence when the rig is released by the current operator, which may be the fourth quarter of 2008, or the first quarter of 2009.

The contract value for the firm period is in excess of US $310 million. A firm contract is expected to be executed by December 1, 2006.