Songa Offshore SE : Tender Offer Settlement, Refinancing of Bonds, Board Changes

With reference to previous announcements concerning the offer by Transocean Ltd. and Transocean Inc. ("Transocean") for all shares of Songa Offshore SE ("Songa Offshore" or the "Company"), Transocean has informed the Company that the settlement procedures have been completed.
 
With effect from 30 January 2018, Stephen L. Hayes, Christos Makrygiannis and Niki Trapezari have been appointed as new members of the board of directors. Also, effective as of 30 January 2018, Frederik W. Mohn, Michael Mannering, Arnaud Bobillier and Johan Kr. Mikkelsen have resigned as board members. Ronald Blakely and Christina Ioannidou will continue as members of the board. 
 
The Company also agreed on 30 January 2018 to refinance certain of its indebtedness acquired and held by Transocean:

·         NOK 1,270,048,587.50 of the SONG04 Bonds (ISIN NO0010628753);
·         NOK 599,894,166.56 of the SONG05 Bonds (ISIN NO0010649403); and
·         USD 50,106,250 of the shareholder loan granted by Perestroika.
 
Such indebtedness is being retired through the transfer thereof in its entirety to Songa Offshore in consideration of the issuance of instruments by Songa Offshore to Transocean on materially the same terms as the underlying indebtedness. Songa Offshore expects to call the remaining SONG04 and SONG05 for cash in accordance with the terms of the Bonds.
   
31 January 2018
Limassol, Cyprus
 
Board of Directors
Songa Offshore SE

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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