Songa Offshore to Sell Drillship Saturn

Songa Offshore has entered into an agreement to sell the drillship Songa Saturn to a wholly owned subsidiary of PetroSaudi for net sales proceed of USD 260 million. As advised by the Company on September 9, 2010, in order for the agreement to get effective, certain conditions have to be met. Songa has been advised by PetroSaudi that these conditions are close to being met.

Songa Saturn is a drillship of Global Marine Glomar 40 design with water depth capacity up to 3800 ft built in 1983 by Far East Levingston Shipbuilding.

PetroSaudi has paid a customary deposit to Songa, further paid for the class renewal recently undertaken, and has entered into an agreement that covers a fully paid relocation of Songa Saturn from the current location in Malta to Port of Spain, Trinidad. The agreement does also include a return voyage plus compensation if said business opportunity fails to materialize.

The transaction is expected to complete before mid-October 2010.

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