Songa Offshore ASA (OSL:SONG) Concludes Contract For Songa Saturn With CNOOC Africa Ltd

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.

Before starting the mobilization, Songa Saturn will complete the long planned upgrade of the rig from 3300 ft to 3800 ft water depth capacity. This work is likely to be carried out in Malta directly after the ongoing campaigns in Libya.

The contract has an estimated value of USD 30 million inclusive of mobilization. The contract has demobilization alternatives for both West Africa and Malta.

Oslo, 2008-09-26

Songa Offshore ASA

http://www.songaoffshore.no

ISIN: NO0010268451

Stock Identifier: XOSL.SONG