Reference is made to item 6 in the annual general meeting held in May
2008, where a merger between the Company and Songa Offshore Cyprus
Plc was approved. Further we refer to the prospectus issued in
December 2008.

The six minority shareholders in Songa Offshore Cyprus Plc received 1
(one) share each in the Company as consideration for their
shareholding in Songa Offshore Cyprus Plc.

The six shares have now been registered with the companies' registrar
in Norway, effectively increasing the issued shares in the Company to
105,307,544.

Netza AS, controlled by CEO Asbjørn Vavik received 1 (one) share,
increasing its holding to 100,001 shares. In addition Mr. Vavik holds
options to subscribe for 300,000 shares.

COO Trond Christensen received 1 (one) share, increasing his holding
to 320,001 shares. In addition Mr. Christensen holds options to
subscribe for 300,000 shares.

CFO Tom E. Jebsen received 1 (one) share, increasing his holding to
145,001 shares. In addition Mr. Jebsen holds options to subscribe for
300,000 shares.

Oslo, 18 January 2009


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.



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