Scorpion Offshore Ltd. - Contract Status Update
(Thomson Reuters ONE) - HAMILTON, BERMUDA - 31 July 2009Scorpion Offshore Ltd. ("Scorpion" or the "Company") would like toprovide an updated fleet contract status - please see the attachedtable which will be posted to our website and updated on a regularbasis.Significant developments include the following:* Pursuant to the Offshore Vigilant's contract with Gazprom in Venezuela, Gazprom has informed Scorpion that as a result of a "fishing job" 550 hours worked in May 2009 be classified at Lost in Hole and Repair Rates resulting in $3.8 million in revenue being disputed during the month. An independent third party has been retained to render an opinion in an effort to resolve the dispute. In the interim, and although Scorpion does not agree with the position taken by Gazprom, we have not recorded the $3.8 million as revenue in the quarter and year ended 30 June 2009.* The Offshore Freedom was delivered to Scorpion from the Lamprell shipyard in Sharjah, U.A.E. on 28 April 2009. The unit began its charter contract in the Arabian Gulf on 21 June 2009.* The letter of intent from Thang Long Joint Operating Company dated 21 May 2009 to extend the current contract for the Offshore Resolute was signed as a contract on 2 June 2009. This 6 month contract extension is in direct continuation of the current program offshore Vietnam and begins early August 2009. In summary, six of the Company's jackups are currently operating and performing very well. The rigs have a current contract backlog of approximately $744 million, average contract coverage of just under two years for the first 6 rigs. The Company's seventh jackup, the Offshore Mischief, is under construction and currently being marketed for sale. Scorpion Offshore Ltd is a Bermuda based corporation founded in 2005, which owns 6 state-of-the-art offshore jack up rigs built between 2007 and 2009 and one additional identical rig under construction. Contacts: Jon Cole, President and CEO (713) 728-6100 Mark Mey, SVP and CFO (713) 728-6100 www.scorpionoffshore.com http://hugin.info/136299/R/1332147/315437.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 31.07.2009 - 18:16 Uhr
Sprache: Deutsch
News-ID 4231
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