Scorpion Offshore Hires Lamprell to Build Jackup

Scorpion Offshore Ltd., through its subsidiary, Scorpion International Ltd., has agreed to enter into a contract with Lamprell Energy Ltd., a subsidiary of Lamprell plc to construct a LeTourneau Super 116E 'ultra-premium' class jackup drilling rig at one of the Lamprell facilities in the United Arab Emirates. The turnkey price of the first rig is $168 million excluding drillpipe and handling tools.

The option rigs, if ordered, will be on the same terms and conditions as the first unit; however, prices will be subject to documented cost escalation. The first rig is scheduled for delivery in March 2009. Options for other four rigs can be exercised over an 18 month period from December 2007. Bassoe (USA) and Bassoe Shipbrokers A/S assisted the parties with the transaction and will receive commissions from Scorpion for securing the construction contracts for Lamprell.

In a related matter, Scorpion has agreed to a new Consulting Agreement with Bassoe which will extend to June 1, 2009. Pursuant to this agreement Bassoe will serve as exclusive broker to Scorpion.

Scorpion President and CEO Jon Cole remarked: 'We are extremely pleased to be working with an experienced and successful company like Lamprell. This contract represents a significant opportunity for Scorpion to provide new ultra-premium jackups to the Arabian Gulf - the world`s fastest growing jackup market. We believe that customers in the region will appreciate the rugged design and ultra-deep drilling capabilities of the LeTourneau Super 116E, as well the proximity of Lamprell to the Arabian Gulf market.'

It is expected that the contract with Lamprell will be finalized within the next thirty days.

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