Well, SAS itself says that a 3 hour delay qualifies for compensation, unless I skimmed too quickly and missed relevant parts.
E. Compensation in case of cancellations and delays of 3 hours or more
a) EUR 250 for all flights of 1,500 kilometres or less.
b) EUR 400 for all intra-EU flights of more than 1,500 kilometres .
c) EUR 400 for all other flights between 1,500 and 3,500 kilometres.
d) EUR 600 for all flights not falling under a), b) and c).
SAS EU 261/2004 PDF