26 August 2013

Songa Offshore SE

Presentation

2Q 2013

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

Agenda

• Financial performance

• Highlights

• New Songa Vision

• Organization

• Operations

• Fleet and contract update

• Market update

• Cat D newbuild project

• Financing

• Financial review

3

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

5957

42

5052

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

$ m

illi

on

QUARTERLY EBITDA

4

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

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

Building the largest semi submersible drilling contractor on the Norwegian Continental Shelf

7

012345678

Semis per Operator on the NCS

Source: Fearnley’s

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

Operations

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

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 $

/ D

ay

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

Contract Status

12

Yard and mobilization Contract Option IS / SPS / Shipyard

U n it C u s to m e r C u rre n t O p t io n

D a y ra te D a y ra te

N o rw e g ia n C o n t in e n ta l S h e lf

So nga D e e S ta to il 3 5 3R a te e n d o f f irm

c o n tr a c t

So nga T rym S ta to il 3 6 8R a te e n d o f f irm

c o n tr a c t

So nga D e lt a S ta to il 3 6 0R a te e n d o f f irm

c o n tr a c t

N C S N e w b u ild s

C a t D -1 S ta to il 4 4 0 1 ) F irm 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 t io n s

C a t D -2 S ta to il 4 4 0 1 ) F irm 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 t io n s

C a t D -3 S ta to il 4 4 3F irm 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 t io n s

C a t D -4 S ta to il 4 4 7F irm 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 t io n s

Th e a b o ve in d ic a te C a t D d e live r y d a te s a re u n d e r r e vis io n b y th e D S M E y a rd

1 ) In c lu d in g D y n a m ic P o s itio n in g (D P ) e le m e n t o f $ 1 1 k

In te rn a t io n a l

So nga V e nusPe t ro na s

M a la ys ia / M uba d2 3 0 -

So nga M e rc u rZ a rube z hne ft /

E n i/ Id e m it s u2 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

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

$ m

illi

on

Contract Option

Strong firm backlog of USD 6.6 billion and further USD 8.4 billion in option revenues

13

Market update

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

Status Cat D Newbuild Project

Building a unique North Atlantic portfolio of midwater drilling rigs – 4 “identical” Cat Ds and 3 existing units

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

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

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

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

Financial Review

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

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

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

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

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

$ m

illio

n

CAPEX Capitalized Interest

26

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

Q&A