OPTIONS GRANT

 

Reference is made to the press relase dated 20 September 2006 and today's release of the report for the fourth quarter 2006.

 

The Board has issued at its latest board meeting options to acquire 500,000 shares in Songa Offshore ASA to Mr. Bob Scott. Mr. Scott was elected as board member of Songa Offshore at the Company's EGM in December 2006, and until end of 2006 he was the Company's CEO.

 

The options have a strike price of NOK 53.41. The options are immediately vested, but have to be declared before end January 2008.

 

Mr. Scott's ownership interests after this is the mentioned 500,000 options.

 

Oslo, 2007-02-15