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Scorpion Offshore Receives Letter of Commitment for Offshore Freedom

Source: www.gulfoilandgas.com 8/20/2008, Location: Middle East

Scorpion International, through its Saudi Arabian venture partner, Odfjell Drilling Services LLC, received a letter of commitment for the Offshore Freedom for operations in the Arabian Gulf beginning late first quarter 2009. The proposed contract is for 4 years and is anticipated to generate approximately US$ 282 million in revenue. Scorpion Offshore Ltd.ís revenue backlog, through 2018, now exceeds $1.8 billion.

The Offshore Freedom is currently being constructed at Lamprell in Sharjah and is scheduled for delivery at the end of the first quarter 2009.

The letter of commitment is subject to the execution of a contract, presentation of a mobilization bond and provision of proof of insurance.

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