Songa Offshore SE

Final win in DSME dispute

Reference is made to Songa Offshore's announcement on 21 September 2017. 
 
On 16 March 2018, the English High Court gave Judgment striking out DSME's application for permission to appeal the arbitration awards.  
 
DSME was also refused permission to appeal the Court's Judgment and Songa Offshore was awarded its costs in relation to the appeal. 
 
On the basis of the English Court's Judgment, the arbitration awards previously made in Songa Offshore's favour in relation to DSME's claims in respect of the Songa Equinox and the Songa Endurance rigs are now final and unappealable.
 
These arbitration awards are determinative of DSME's claims in respect of the Songa Equinox and the Songa Endurance rigs (and in respect of any similar claims that DSME might assert in respect of the Songa Encourage and the Songa Enabler rigs) with the outcome that no payment is due by Songa Offshore to DSME. 
 
Songa Offshore is evaluating the pursuit of its counterclaims. 

19 March 2018 
Limassol, Cyprus

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

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Source: Songa Offshore SE via Globenewswire