Songa Release Report for the third quarter 2017

Songa Offshore SE (“Songa Offshore” or “the Group” or “the Company”) reports:

o Revenue of USD 180.8 million for the third quarter 2017 and USD 509.3 million for the nine months of 2017

o EBITDA for the third quarter of USD 106.9 million with an EBITDA margin of 59% and EBITDA of USD 296.8 million for the nine months of 2017 with an EBITDA margin of 58%

o Income tax expense for the third quarter 2017 was USD 40.1 million reflecting primarily the Company’s decision to write off the deferred tax assets associated with the exit tax case of USD 42.4 million

o Loss for the third quarter of USD 24.9 million and loss of USD 4.5 million for the nine months of 2017

o Basic and diluted Earnings per share for the third quarter was a loss of USD 0.19 and a loss of USD 0.04 for the nine months of 2017

Highlights

o On 15 August Songa Offshore announced an agreement with Transocean Ltd. whereby the parties have agreed to seek to complete a business combination to be effected by Transocean making a recommended public voluntary exchange offer for the entire share capital of Songa Offshore.

The Offer will be made for an offer price of NOK 47.50 per Songa Offshore share to be settled in shares, convertible bonds and cash. The terms of the Combination imply an exchange ratio between Songa Offshore and Transocean of 0.7145 based on 14 August 2017 close of markets

o The Cat D rigs had an average operating efficiency of 98.0% and an average earnings efficiency of 98.3% in the third quarter 2017

o EBITDA for the third quarter 2017 was USD 106.9 million, compared to USD 106.8 million in the second quarter 2017

Report for the third quarter 2017

Source / More: Songa Offshore SE

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