Scorpion Offshore Order To Keppel Shipyard In Singapore

Scorpion
Offshore Ltd. said it has ordered a new deepwater semi-submersible drilling rig
from Keppel shipyard in Singapore,
at a cost of approximately $700 million.
    “Construction
is expected to span 42 months with delivery in the fourth quarter of 2011”, the
Norwegian firm said.
    Scorpion
said the decision to order the new rig followed an agreement with Petrobras
that will see the rig begin operations for the Brazilian firm in summer 2012.
    “The letter
of commitment has a duration of six years with potential revenue of
approximately $1.1 billion plus operating cost inflation adjustments throughout
the contract term”, Scorpion said.
    “The cash
flow from this contract will result in full payout of the cost of the rig during
the initial contract term”.


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