Scorpion Completes Offshore Intrepid Financing

Scorpion Offshore Ltd., through its wholly owned subsidiary Scorpion Intrepid Ltd., has completed the construction financing for the Offshore Intrepid. Natixis and BTMU Capital Corp., a wholly owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., jointly underwrote the transaction.

The financing consists of a $95 million term loan and a $10 million revolving credit facility. Both the term loan and revolving credit facility mature 5 years from the delivery of the rig from the shipyard.

All five Scorpion rigs currently under construction are now fully financed.

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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