1. 26 August 2013
Songa Offshore SE
Presentation
2Q 2013

2. Disclaimer
This presentation (the “Presentation”) has been produced by Songa
Offshore SE ("Songa" or the "Company") exclusively for information
purposes.
This Presentation includes forward-looking statements regarding
Songa, including projections and expectations, which involve risk
and uncertainty. Such statements are included without any
guarantee as to their future realization. Although Songa currently
believes that the expectations regarding the Company reflected in
such forward-looking statements are based on reasonable
assumptions, no assurance can be given that such projections will
be fulfilled. Any such forward-looking statement must be
considered along with the knowledge that actual events or results
may vary materially from such predictions due to, among other
things, political, economic, financial or legal changes in the markets
in which Songa does business, and competitive developments or
risks inherent to the Company’s business plans. Many of these
factors are beyond Songa’s ability to control or predict. Given these
uncertainties, readers are cautioned not to place undue reliance on
any forward-looking statements. Accordingly, the Company does
not accept any responsibility for the future accuracy of the forward-
looking statements expressed in this Presentation or the actual
occurrence of the forecasted developments. The Company does not
intend, and does not assume any obligation, to update any such
forward-looking statements as of any date subsequent to the date
hereof.
No representation or warranty (express or implied) is made as to,
and no reliance should be placed on, any information, including,
without limitation, projections, estimates, targets and opinions,
contained herein, and no liability whatsoever is accepted as to any
errors, omissions or misstatements contained herein, and,
accordingly, the Company does not accept any liability whatsoever
arising directly or indirectly from the use of this Presentation.
By receiving this Presentation, the recipient acknowledges that he
will be solely responsible for its own assessment of the market and
the market position of the Company and that he will conduct his
own analysis and be solely responsible for forming his own view of
the potential future performance of the businesses of the Company.
This Presentation must be read in conjunction with the recent
financial information, as well as other publicly disclosed
information.
Nothing in this Presentation, nor any other information provided to
the recipient by the Company or any of its advisers constitutes, or
may be relied upon as constituting, investment advice or any
financial, tax or legal advice by such persons or anybody else.
2

3. Agenda
• Financial performance
• Highlights
• New Songa Vision
• Organization
• Operations
• Fleet and contract update
• Market update
• Cat D newbuild project
• Financing
• Financial review
3

4. Financial Performance
• Second quarter EBITDA of $52
million compared to $50 million
in first quarter 2013
• Earnings negatively impacted
by Mercur down time from
March 25 to April 10 from BOP
issues and Venus subsea
recertification from April 1 to
May 5
• Net profit of $5 million
compared to $9 million in first
quarter 2013
• Term sheets signed for
financing of $1,014 million for
Songa Equinox and Songa
Endurance
56
50
66
16
40
59
57
42
50
52
0
10
20
30
40
50
60
70
1Q'11 2Q'11 3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13
$million
QUARTERLY EBITDA
4

5. Highlights
• Mike Mannering appointed Chairman of the Board and Frederik W. Mohn
appointed Director on 6 June 2013
• Bjornar Iversen appointed CEO from 1 June 2013
• Songa Dee, Songa Trym and Songa Delta in operation for the first full quarter
in Norway under Songa management with an average earning efficiency of
98%
• Songa Mercur - 1 option 1 well contract signed with Idemitsu, bringing the
total Songa order backlog to $6.6 billion
• Redefined strategy with focus on the North Atlantic mid-water market with
Norway as the main operating base
5

6. New Songa Vision
We will accomplish this by:
• Providing safe and cost efficient operations which exceed our customers expectations
• Following our key customers world wide
• Being recognised for having competent and passionate employees combined
with robust systems and procedures
• Working with our customers to effectively utilize value added technologies
• Taking on management contracts, with a special focus on South East Asia
• Offering high-quality engineering and Rental Services
Songa Offshore shall be the preferred International Midwater Drilling Contractor with a
strong presence in the harsh environment North Atlantic basin
Vision:
Mission:
6

7. Building the largest semi submersible drilling contractor on
the Norwegian Continental Shelf
7
0
1
2
3
4
5
6
7
8
Semis per Operator on the
NCS
Source: Fearnley’s

8. Organization
• Board strengthened with more than
100 man-years of oil & gas and
drilling experience
• Strengthened Senior Management
team
• Project and Technical division
established – strong focus on Songa
Dee 2014 SPS
• In the process of establishing Rental
division to optimise the use of
equipment internally and rent out
surplus equipment to third party
8

9. Operations

10. Operations
• Operating Efficiency of
Norwegian fleet of 95%
and Earnings Efficiency
of 98% in second quarter
2013 - first quarter with all
three units under Songa
management
• Operating Efficiency of
international fleet of 89%
and Earnings Efficiency
of 91% in the second
quarter reflecting Venus
subsea recertification and
Mercur BOP related
downtime
Operating Efficiency
92%
95% 94%
86%
97%
94% 94% 94%
98%
93%
60%
65%
70%
75%
80%
85%
90%
95%
100%
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13
10

11. Rig Operating Expenses
0
20
40
60
80
100
120
140
160
180
200
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13
k$/Day
Norwegian fleet International fleet
11
k $/Day Q2’ 13 Q1’ 13 Q4’ 12 Q3’ 12
DELTA 194 197 138 154
DEE 169 179 217 159
TRYM 195 107 72 170
Average 186 161 142 161
VENUS 121 108 84 82
MERCUR 187 168 176 66
ECLIPSE - - 286 292
Average 154 138 182 147

12. Contract Status
12
Yard and mobilizationContract Option IS / SPS / Shipyard
U n it C u s to m e r C u rre n t O p tio n
D a y ra te D a y ra te
N o rw e g ia n C o n tin e n ta l S h e lf
So ng a D e e Sta to il 3 5 3
R a te e n d o f fir m
c o n tr a c t
So ng a T rym Sta to il 3 6 8
R a te e n d o f fir m
c o n tr a c t
So ng a D e lta Sta to il 3 6 0
R a te e n d o f fir m
c o n tr a c t
N C S N e w b u ild s
C a t D -1 Sta to il 4 4 0
1 ) F ir m c o n tr a c t e n d
r a te + $ 1 5 k
8 ye a r firm + 4 x3 ye a r o p tio ns
C a t D -2 Sta to il 4 4 0
1 ) F ir m c o n tr a c t e n d
r a te + $ 1 5 k
8 ye a r firm + 4 x3 ye a r o p tio ns
C a t D -3 Sta to il 4 4 3
F ir m c o n tr a c t e n d
r a te
8 ye a r firm + 4 x3 ye a r o p tio ns
C a t D -4 Sta to il 4 4 7
F ir m c o n tr a c t e n d
r a te
8 ye a r firm + 4 x3 ye a r o p tio ns
The above indic ate C at D delivery dates are under revision by the D S M E y ard
1 )
Inc luding D y nam ic P ositioning (D P ) elem ent of $11k
In te rn a tio n a l
So ng a V e nus
P e tro na s
M a la ys ia / M ub a d
2 3 0 -
So ng a M e rc ur
Z a rub e z hne ft /
E ni/ Id e m its u
2 5 0 -
Q 4
2 0 1 8
Q 4
2 0 1 6 2 0 1 7
Q 1 Q 2 Q 3Q 2 Q 3 Q 4 Q 1 Q 2 Q 3Q 2 Q 3 Q 4 Q 1
2 0 1 4 2 0 1 5
Q 2
2 0 1 3
Q 3 Q 4 Q 1Q 1 Q 2 Q 3 Q 4 Q 1

13. Order Backlog
274
494
861 864
638 638 638 640 638 618
248
3
36
170
333
22 21
400
651
0
200
400
600
800
1,000
1,200
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
$million
Contract Option
Strong firm backlog of USD 6.6 billion and further USD 8.4 billion in option revenues
13

14. Market update

15. Market Update
15
• Worldwide Semi utilization
works toward 90%
• At 90% there is a potential
for day rates to increase at
a greater pace
Source: IHS Petrodata
• North Sea semi market very
strong in spite of increased
supply
• Forecast rig demand from
IHS Petrodata shows rig
demand growing from 40
to 47 units by 2014
Source: IHS Petrodata

16. Status Cat D Newbuild Project
Building a unique North Atlantic portfolio of midwater drilling rigs – 4 “identical” Cat Ds and 3 existing units

17. Cat D Newbuild Project - Schedule
• Good project progress with construction progress as per August 1:
• Songa estimate delays due to yard and sub-suppliers capacity issues:
17
Equinox Endurance Encourage Enabler
Construction Progress 70.1% 65.8% 19.1% 8.0%
Equinox Endurance Encourage Enabler
Current schedule Q2 2014 Q4 2014 Q1 2015 Q1 2015
Songa estimate Q4 2014 Q4 2014/Q1 2015 Q2 2015 Q2 2015

18. Cat D Newbuild Project - Cost
• Cat Ds constructed according to Statoil’s
specifications – reduces delivery risk
• Mutual understanding with Statoil to
technically accept as much as possible of
the rig before Songa takes delivery from
yard
• Songa expects only marginal cost
increase from yard change orders
• Average gross project and mobilization
costs about $100 million
• Average ready-to-drill cost about $660
plus capitalized interests
• Mobilization fee $40 million at yard
delivery
18

19. Cat D Operations Preparations
• Organisation
• Building organisation and offshore crews according to plan
• Development of systems and procedures on track
• Schedule
• Timing of crew ramp up important for overall mobilization costs
• Recruitment plan
• Significant interest to work on Songa Cat Ds
• Recruitment campaign starts 4Q 2013
Creating the largest semi submersible drilling contractor in Norway
19

20. Financing
• Signed term sheets for the financing of the two first Cat D rigs with pre- and
post-delivery financing of $1,014 million with quality finance institutions at
competitive rates
• Loan availability pre-delivery of $120 million can be drawn at loan
agreement signing
• The facilities are supported by the Norwegian and Korean Export Credit
Agencies
• The facilities are subject to final credit approvals and customary
documentation, expected to be finalized during 2013
• The company continues to work on a number of initiatives in order to
strengthen its balance sheet, including possible sale of assets and potential
partnerships
20

21. Financial Review

22. Profit & Loss
$ million 2Q 2013 1Q 2013 4Q 2012 3Q 2012
Operating revenue 127.4 124.8 134.6 145.4
Reimbursables 4.8 2.5 - 1.7
Other revenue 11.0 6.5 4.9 3.4
Total revenues 143.2 133.8 139.5 150.5
Rig operating expenses 76.1 65.4 89.7 83.4
Reimbursables 4.2 2.4 - 1.6
General and administrative expenses 12.4 16.2 15.0 13.7
Other gain and loss (1.4) (0.5) (7.0) (5.0)
Total expenses 91.3 83.4 97.7 93.7
EBITDA 51.9 50.4 41.8 56.8
22

23. Profit & Loss
$ million 2Q 2013 1Q 2013 4Q 2012 3Q 2012
EBITDA 51.9 50.4 41.8 56.8
Depreciation and amortisation (37.5) (31.0) (29.7) (32.9)
Impairment - - (213.3) (116.7)
EBIT 14.4 19.4 (201.2) (92.8)
Finance income 0.1 0.1 0.3 0.2
Finance expenses (9.5) (8.9) (12.3) (13.3)
Net financial items (9.4) (8.8) (12.0) (13.1)
Profit (loss) before tax 5.0 10.6 (213.2) (105.9)
Income tax (charge) credit (0.5) (1.2) (5.7) (2.5)
Profit (loss) for the period 4.5 9.4 (218.9) (108.4)
Earnings (loss) per share (USD) 0.02 0.05 (1.08) (0.53)
23

24. Balance Sheet
$ million June 30
2013
March 31
2013
December 31
2012
Non-Current Assets
Rigs, machinery and equipment 1,362.5 1,389.8 1,372.3
Newbuilds 541.7 523.6 506.6
Deferred tax assets 102.9 102.9 102.9
Derivative financial instrument - 3.1 9.7
Total non-current assets 2,007.1 2,019.4 1,991.5
Current assets
Asset held for sale - - 590.0
Trade and other receivables 53.9 70.0 50.6
Prepayments 5.5 5.7 8.0
Earned revenue 26.4 30.4 26.0
Other assets 17.3 20.8 35.6
Cash and cash equivalents 104.9 147.8 37.6
Total current assets 208.0 274.7 747.8
Total assets 2,215.2 2,294.1 2,739.3
24

25. Balance Sheet
$ million June 30
2013
March 31
2013
December 31
2012
Total shareholder’s equity 956.7 952.2 947.0
Non-current liabilities
Bank loans and other facilities 523.6 591.4 620.1
Bond loans 340.6 357.5 372.5
Derivative financial instruments 27.9 19.0 5.1
Deferred revenue 63.6 68.0 71.7
Other long term liabilities 2.6 3.0 10.0
Total non-current liabilities 958.3 1,038.9 1,079.4
Current liabilities
Liabilities “assets held for sale” - - 304.9
Current portion of bank loans and other facilities 157.0 115.6 94.5
Trade and other payables 24.2 27.3 94.5
Tax payable 14.0 15.8 14.7
Deferred revenue 31.6 32.0 34.4
Other liabilities 73.4 112.3 169.9
Total current liabilities 300.2 303.0 712.9
Total equity and liabilities 2,215.2 2,294.1 2,739.3
25

26. Capital Expenditures 2013
• Total 2013 Cat D Capex of
$35 million, where $15
million is project
expenditures and $20 million
capitalized interests
• Total 2013 Capex for
operating fleet at $57 million
where Songa Trym and Delta
first quarter yard stay
expenditures amount to $51
million and other Capex
related to existing fleet $6
million
0
5
10
15
20
25
30
35
40
45
$million
CAPEX Capitalized Interest
26

27. Summary
• Solid North Sea Operations
• Good Cat D project control but delay from yard – low cost impact
• Board, Management and Organization significantly strengthened
• Strong contract backlog of $6.6 bn with options worth $8.4 bn
• $1,014 million term sheet signed for the two first Cat D rigs and full
focus on improving capital structure
27

28. Q&A