Contact Media Intranet login Employee Handbook Company Investor Relations Rigs & Activities Careers HISTORY HISTORY Songa Offshore AS was founded in January 2005 with the purchase of the two semisubmersibles, Mata Redonda and La Muralla. The rigs were purchased from the Mexican company, IPC. The Mata Redonda was renamed Songa Venus and La Muralla was renamed Songa Mercur. In April 2005, Songa Offshore ASA was founded. The shares of Songa Offshore ASA were listed on the Norwegian OTC list in May 2005, under ticker code, SONG. In connection with the bond financing, the company issued warrants traded on the OTC list under ticker code, SONW. The rigs were delivered to Songa Offshore in June 2005, and were moved to Galveston, where the company began preparing the rigs for work. Later same year Songa Offshore purchased the drillship Glomar Robert F Bauer, the rig was renamed Songa Saturn and delivered November 2005. The Songa Saturn entered a 14 month shipyard stay in Turkey for refurbishment and re-certification. The drill ship thereafter went to work offshore Equatorial Guinea. End of October 2005 Songa Offshore purchased 20.2% of the semi submersible Deepsea Bergen. Songa Offshore recruited an experienced, highly respected industry management team in September 2005 headquartered in Houston, Texas. By Q3 2006, Songa left their Marketing office in Houston and moved its operations office to Singapore where the Company could have greater access to operations of the rigs. Songa Offshore was listed on the Oslo Stock Exchange 26 January 2006. Early March 2006 Songa Offshore purchased the semisubmersible drilling rig Stena Dee, which was renamed Songa Dee. During Q1 2006 Songa Venus was transported to Singapore and underwent a major re-fit and upgrade in preparation for a 1+1 year contract with ENI and Inpex in Australia commencing October same year. The Songa Mercur was also taken to Singapore to undergo upgrade work in order to commence operations in Australia, the rig entered into a 1+1 year contract with Santos commencing operations in Australia July 2007. In November 2006, the Company sold its interests in the rig Deepsea Bergen to a group of investors. The sale price was USD 53.5 million, generating a profit of USD 19.1 million. In January 2007, Songa Offshore purchased from Odfjell Drilling the midwater semi submersible Deepsea Trym for USD 238.5 million. In Q2 2008, Songa Offshore ASA entered into an agreement with Odfjell Drilling to acquire the Ocean-Ranger semisubmersible Deepsea Delta with an acquisition price of USD 428.5 million. In September 2008, Songa Offshore Corporate Operations and Finance groups established a new Corporate headquarter located in Limassol Cyprus. In December 2008 the Company was converted to a European public company limited by shares (SE). In May 2009 Songa Offshore SE was redomiciled to Cyprus, and it is registered in Limassol, Cyprus. In March 2010, Songa Offshore entered into an agreement with the shareholders of Deepwater Driller Ltd to invest USD 50 million in new equity into Deepwater Driller and thereby received a 31,25% ownership in the company. Deepwater Driller owned a 6th generation Friede & Goldman ExD ultra-deepwater semi submersible drilling rig under construction at Jurong Shipyard Pte Ltd in Singapore. In September 2010, Songa Offshore sold the drillship Songa Saturn to a wholly owned subsidiary of PetroSaudi Oil Services Ltd for net sales proceed of USD 260 million. In January 2011, Songa Offshore increased the ownership in Deepwater Driller with an additional 20,6% of the outstanding shares, owning a total of 51,9% of the shares in the company. The seller of the shares was Petrolia Invest AS. The rig was later named Songa Eclipse. In early July 2011, Songa Offshore received and accepted a Letter of Award from Statoil for two new build “Cat D” semi submersibles with firm terms of 8 years each and with options that could extend this period to 20 years. In July 2011, Songa Offshore purchased the remaining shares in Songa Eclipse Ltd from Sector Umbrella Trust and Pareto World Wide Offshore AS. Songa Offshore received a Letter of Award (LOA) from Total the same month for Songa Eclipse. The LOA was for a 18 month plus 1 well firm term in Angola in direct continuation of rig delivery from Jurong Shipyard. In August 2011, Songa Offshore announced that the Company had finalized a new bank facility of USD 420 million to be used to finance the delivery of Songa Eclipse. Additionally, Songa Offshore received a firm offer on a USD 100 million bank facility and where this facility was used as a part-finance of the first installment on the 2 Cat D semi submersibles ordered from Daewoo Shipbuilding & Marine Engineering Co Ltd. (“DSME”). In November 2011, Songa Offshore issued a 5 year senior unsecured bond of NOK 1 400 million. A part of the amount was used to finance the first installment on the second Cat D ordered from DSME. In February 2012, Songa Offshore’s 100% owned subsidiary, Songa Rig AS, received and accepted a Letter of Award (LOA) from Statoil for two additional newbuild Cat D semisubmersible rigs. This award follows the agreement of July 2011 between Songa Rig AS and Statoil for the first two Cat D rigs. The contract period is for eight years with an aggregated value of USD 2.66 Billion, with options for extensions of another 12 years (4x3 years) per rig. In January 2013, Songa Offshore sold the Songa Eclipse to Seadrill for net proceeds of USD 590 million. After repayment of debt, the net cash effect from the sale proceeds is approximately USD 285 million.