Heads of Agreement for the sale of Songa Eclipse

Songa Offshore SE (“Songa”) has entered into a Heads of Agreement (“HoA”) with Seadrill for a potential sale of the ultra deepwater semi-submersible rig “Songa Eclipse” (the “Rig”). The HoA has certain subjects, hereunder board approval from Seadrill and Songa. A key element in the HoA is that Seadrill is granted exclusivity up to 15 November 2012 to carry out a due diligence of all adequate issues related to the Rig. Potential closing of the transaction and delivery of the Rig is estimated to take place during December 2012.