Scorpion Offshore Completes Private Placement

Scorpion Offshore Ltd. has on October 17, 2006 completed a private placement directed to professional subscribers raising US $35 million in gross proceeds through issuance of 3,500,000 shares each with a par value of US $0.002. The subscription price was NOK 68.00 per share.

After the share issue, the issued share capital in Scorpion will be US $259 million consisting of 49 million shares each with a par value of US $0.002.

The purpose of the share issue was to finance the upgrading of Scorpion's first two rigs for international operations (high pressure and high temperature) and to complete the equity funding of Scorpion's fifth rig, the Offshore Intrepid.

Allocation letters will be sent out today. Payment date is October 23, 2006. The subscribers will as settlement for the subscribed shares receive unencumbered shares in the Company that are already listed on Oslo Bors pursuant to a Stock Lending agreement entered into between the Managers and Mr. Christopher Paus, a Scorpion Board member and shareholder.

The shares delivered to the subscribers will be tradable from the date they are delivered. The new shares will be issued to Mr. Paus when a listing prospectus has been approved and has been published. The new shares will be tradable on Oslo Bors at that time.

The share issue was lead managed by Fearnley Fonds ASA and First Securities ASA.

Scorpion Offshore Ltd. is a Bermuda based corporation founded in 2005 to own and operate state-of-the-art offshore drilling rigs.


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