Songa Offshore ASA

Songa Offshore ASA (OSL:SONG) Songa Offshore ASA ("Songa") consolidated loss after tax for the third quarter 2008 was USD 27.5 million. Accumulated for the first nine months of 2008 the after tax loss was USD 1.8 million.

Songa Offshore ASA (OSL:SONG) Songa Offshore ASA's Third Quarter 2008 report will be released on Thursday 6 November 2008 after market closing. A presentation will be held the same evening at Hotel Continental.

Songa Offshore ASA (OSL:SONG) Reference is made to the press release of 16 October following the private placement for a total of 10,600,000 new shares. These shares are now registered with the Norwegian Register of Business Enterprises, and the Company's share capital has been increased accordingly.

Songa Offshore ASA (OSL:SONG) Reference is made to the press release dated 16 October "Completed Private Placement and Planned Subsequent Offering", in which the Company informed that the Board of Directors had resolved to conduct a subsequent repair offering to the shareholders in Songa who were not invited to participate in the private placement. The repair offering was indicated to amount to approximately 7,400,000 shares. Furthermore reference is made to the press release dated 17 October "Financial Update".

Songa Offshore ASA (OSL:SONG) Reference is made to Songa's announcement of 20 October 2008 regarding today's webcast presentation. Please find below details for participating today's presentation at CET 14.00 p.m.

Songa Offshore ASA (OSL:SONG) Please find enclosed a presentation to be held in a webcast the Company intends to hold later today. Time and call-in details will be announced later. Oslo, 2008-10-20

Songa Offshore ASA (OSL:SONG) As previously announced, Songa Offshore ASA (the "Company") conducted a private placement yesterday in the amount of NOK 265 million. The shares offered in the private placement have been allocated and are in the process of being issued and registered. The capital raised will, inter alia, be used to cover losses from the Company's TRS exposure. As previously announced to the market, TRS for a total of 2,624,000 shares has been cancelled. Total accumulated losses based on today's shareprice (NOK 20) is USD 36.0 million, of which USD 18.7 million is realized and in the process of being settled. Remaining TRS exposure for the Company is therefore limited to 2,845,965 shares falling below NOK 20 per share, any NOK 1 negative change in the share price equals NOK 2.8 million (USD 430,000) in additional margin call.

Songa Offshore ASA (OSL:SONG) Boardmember in Songa Offshore ASA, Jon Chr Syvertsen has today through Adrian Finans AS bought 50,000 shares in the Company at NOK 19.20 per share. After this transaction, Adrian Finans AS holds 50,000 shares in the company. Syneco AS, a company controlled by board member Jon Chr. Syvertsen, holds 70,200 shares in the Company.

Songa Offshore ASA (OSL:SONG) Reference is made to the press release from Songa Offshore today. In connection with the private placement, Spencer Energy AS, a company controlled by the Chairman, Mr Arne Blystad, was allocated 1,867,200 shares. After this Spencer holds 26,758,922 shares in the Company or 25,41% of the outstanding shares. Mr Blystad holds no other interests in the Company.

Songa Offshore ASA (OSL:SONG) Songa Offshore has today cancelled the total return swap (TRS) with Nordea Bank Norge ASA for 2,395,000 shares. The TRS was settled at NOK 25 per share.