Songa delays bond issue
(Thomson Reuters ONE) - Songa today confirms that it has delayed its offering of seven year senior notesthat it launched on 27 January 2010. The decision to delay the offering wasmade this week as a result of volatile market conditions and in light of adeadline of February 12, 2010 after which its September 30, 2009 results wouldno longer be sufficiently current to access the capital markets. Songa iscurrently in the process of preparing its financial statements for the 2009financial year, and following completion of the audit of those financialstatements will, based among other things on market conditions and investorfeedback on deal structure, determine when to access the markets. ? ?Limassol, 12 February 2010About Songa:Songa is a provider of offshore drilling services. With its fleet of six rigs,it currently operates in the North Sea, offshore North and West Australia andoffshore North and West Africa. Songa is headquartered in Limassol, Cyprus.Forward Looking Statements: Certain statements in this announcement areforward-looking. These forward-looking statements represent expectations forSonga's business and results of operations, and involve risks and uncertainties.These forward-looking statements are based on current expectations, assumptionsand projections about future events. Because these expectations and assumptionsinvolve known and unknown risks, uncertainties and other factors, which are insome cases beyond Songa's control, actual results or performance may differmaterially from those expressed or implied by such forward-looking statements.Given the risks and uncertainties, investors are cautioned not to place unduereliance on such forward-looking statements.This information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1383847]
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