HAMILTON, BERMUDA - 14 January 2009

Scorpion Offshore Ltd. ("Scorpion" or the "Company") through its
subsidiary companies, Scorpion Freedom Ltd. and Scorpion Deepwater
Ltd. ("Deepwater"), has secured financing for its remaining
construction payments on the Offshore Freedom and refinancing the
amounts drawn under the Semisubmersible Bridge loan ("Bridge") with
Bayererische Hypo-und Vereinsbank AG ("HVB") in a new credit facility
totaling $169 million.

HVB is the Sole Arranger and Underwriter in this new credit facility.
The credit facility consists of two tranches amortizing over an
average period of 4 years.

The Offshore Freedom is being constructed by Lamprell Energy Limited
in Sharjah and due for delivery in mid-April 2009.

Referencing Scorpion's press release dated 8 Janaury 2009, Deepwater
has reached agreement with Keppel FELS and Third Party Vendors to
amicably terminate the construction contract and equipment orders on
mutually acceptable terms.

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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