Songa Enters Deal to Acquire Odfjell's Deepsea Trym

Songa Offshore ASA has entered into a contract with Odfjell Rig Limited to acquire the midwater semisubmersible, Deepsea Trym, for US $238.5 million.

Deepsea Trym is of enhanced Aker H-3 design built in 1976 and has during the recent years been continuously upgraded to meet the latest operator and regulatory requirements for operations on the Norwegian Continental Shelf. The rig is currently working for Hydro on the Troll field on a firm contract until August 2007 with 3 ea 6 month options outstanding. The rig is equipped and maintained for operating in harsh environments for water depth up to 1320 ft and it holds an SUT / AoC diploma. The rig is classified by Det norske Veritas (DnV). The transaction is scheduled to be completed mid January 2007 and Odfjell Drilling will continue to operate the rig for Hydro under a bareboat agreement for the remainder of the Hydro contract, which runs to March 2009 if all options are declared.

For the period up until the end of the Hydro contract, Odfjell Drilling will bareboat charter the rig from Songa at a daily rate of US $50,000. The rig is scheduled for a renewal classification survey in July 2007. Odfjell Drilling will carry all costs related to the survey.

Songa is in discussions with its financiers for a 100% non-equity financing, in which the rig will be incorporated into the current fleet financing.

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