HAMILTON, BERMUDA - 20 January 2009
Scorpion Offshore Ltd. ("Scorpion" or the "Company") would like to
provide an updated fleet contract status - please see attached table.
Highlights include the following:
* The Offshore Courageous began its 3 year contract with Shell
Malaysia today. This contract start was delayed by approximately
two weeks due to the late arrival of the hevi-lift ship in Dubai.
* The Offshore Resolute was at zero dayrate for 19 days during the
fiscal 2nd quarter due to a catastrophic failure of the drawworks
coupled with replacement parts importation delays due to the
airport strike in Thailand in November 2008.
* The Offshore Intrepid, currently being constructed at Keppel AmFELS
in Brownsville, Texas, will be delivered this Saturday, 24 January
2009.
In summary, four of the Company's jackups are now operating and the
fifth and sixth jackups now have firm contracts in place which will
occupy them into mid-2012 and 2013. The Company's last jackup, its
seventh jackup, the Offshore Mischief, will not be delivered until
December 2009. As a result of these contracts, the Company's firm
contracted revenue backlog totals $885 million averaging more than
2years backlog per jackup rig.
Scorpion Offshore Ltd. is a Bermuda based corporation founded in
2005 to own and operate state-of-the-art offshore drilling rigs.
Contacts:
Jon Cole, President and CEO (713) 728-6100
Mark Mey, SVP and CFO (713) 728-6100
www.scorpionoffshore.com
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