Scorpion Offshore Ltd. has been awarded a letter of intent for the Offshore Courageous for operations offshore India beginning in the 3rd quarter 2007. The contract has a firm duration of 4 wells (estimated total duration 120 days) plus one option for 4 additional wells. The estimated contract value ranges from US$35 to $58 million, depending on the number of option wells drilled.
Jon C. Cole, Scorpion Offshore's President and Chief Executive Officer, said, "We are pleased to work with this quality operator involving a challenging drilling program on our first contract. In addition, this opportunity positions Scorpion Offshore very well for future work in India and the Middle East, currently the two strongest jackup markets worldwide".
The Offshore Courageous is currently under construction at Keppel AmFELS in Brownsville, Texas and will be delivered on time on May 31, 2007.
The letter of intent is subject to certain conditions including agreement of final contractual terms and conditions.
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