Songa Offshore Finalizes Songa Dee Contract

Songa Offshore ASA has entered into a contract for the Songa Dee. The contract is firm for 2 years and includes 2 six month option periods.

The Operators, Marathon Petroleum Company (Norway) and Lundin Petroleum AB, may use the Songa Dee in the Norwegian and the UK sectors of the North Sea on an equal time basis. The contract will commence when the rig is released by the current operator, which may be during 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. Among other elements, the contract includes cost escalation clauses, and standard provisions for mobilization.

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