Songa Offshore ASA

Songa Offshore ASA (OSL:SONG) Songa Offshore ASA ("Songa"): Reference is made to Songa's announcement of 16 October 2008 regarding the private placement conducted by Songa and the planned subsequent offering.

Songa Offshore ASA (OSL:SONG) Songa Offshore ASA ("Songa") has on 16 October 2008 completed a private placement for a total of 10,600,000 new Shares. The subscription price was set to NOK 25.00 per share, giving gross proceeds of approximately NOK 265 million.

Songa Offshore ASA (OSL:SONG) Songa Offshore ASA has renewed or rolled over its total return swap (TRS) with Nordea Bank Norge ASA for 2,395,000 shares. The new TRS expires on 15 January 2008. Oslo, 2008-10-13

Songa Offshore ASA (OSL:SONG) Songa Venus has achieved operational efficiency of 93%, 98% and 94% in July, August and September. The rig has in the period completed its last well for Inpex on Western Shelf of Australia under current contract, it was thereafter farmed out by Inpex and completed a one well program for OMV before entering into a second farm out well to Santos in the same area. The ongoing well is considered to be the last well under current Inpex / ENI contract before starting up the earlier announced contract with the ADA led consortium towards the end of October.

Songa Offshore ASA (OSL:SONG) Songa Offshore ASA is pleased to announce the signing of a contract with CNOOC Africa Ltd for a one well program offshore Equatorial Guinea. The contract will commence after the current drilling campaign in Libya which is expected to be completed late 2009.

Songa Offshore ASA (OSL:SONG) Please take note of Songa Offshore's updated interim financial reporting dates for 2008:

Songa Offshore ASA (OSL:SONG) Please find enclosed the Q2 2008 presentation.

Songa Offshore ASA (OSL:SONG) Songa Offshore ASA consolidated profit after tax for the second quarter 2008 was USD 25.5 million. Accumulated for the first six months of 2008 the after tax profit was USD 35.7 million.

Songa Offshore ASA (OSL:SONG) Songa Offshore ASA's Second Quarter 2008 report will be released on Thursday 14 August 2008 after market closing. A presentation will be held the same afternoon at Hotel Continental.

Songa Offshore ASA Songa Offshore ASA will release its Q2 report on Thursday 14 August, after market closing. A presentation of the quarterly report will be held at Hotel Continental at 5 PM. The Company will host a teleconference/webcast at 6.30 PM the same day. Call-in details will follow.