Scorpion Offshore Ltd. Secures Short-term Financing
(Thomson Reuters ONE) - HAMILTON, BERMUDA - 12 November 2009Scorpion Offshore Ltd. ("Scorpion" or the "Company") securedfinancing of $27.7 million (the "Note") which will be used to meetthe current progress payment under the Offshore Mischief constructioncontract.The Note is unsecured and has a duration of 6 months and is beingprovided by the Company's largest shareholder, Seadrill Limited, at acoupon of 16% per annum.The final remaining payment to the shipyard of $26.1 million is dueat delivery of the Offshore Mischief which is scheduled for 30 April2010.The Offshore Mischief is currently being marketed for sale. The saleof the Offshore Mischief would eliminate any requirement for anyadditional Company funding and provide the necessary funds to repaythe Note.Scorpion Offshore Ltd is a Bermuda based corporation founded in 2005,which owns 6 state-of-the-art offshore jackup rigs built between 2007to 2009, with one additional identical rig under construction.Contacts:Jon Cole, CEO (713) 728-6100Mark Mey, CFO (713) 728-6100This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 12.11.2009 - 19:46 Uhr
Sprache: Deutsch
News-ID 8332
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