The Petrobras program requires a high specification jackup and has a firm duration of two years. Final contract award is subject to Petrobras Bid Committee recommendation and subsequent Board approval. Scorpion will mobilize the Offshore Resolute to Brazil for the work that is expected to commence in the second quarter of 2008. The estimated contract value to Scorpion is approximately US $144 million, including US $9 million in mobilization and demobilization fees. Subject to the final approvals noted above, it is anticipated that a contract with Petrobras will be signed within 45 days.
The Offshore Resolute is the third of Scorpion's five LeTourneau Super 116 ultra-premium jackups under construction at Keppel AmFELS shipyard in Brownsville, Texas. The rig is scheduled to be delivered early second quarter 2008. In addition Scorpion has a sixth rig, a LeTourneau Super 116E, under construction at Lamprell in Dubai.
Jon Cole, Scorpion's President and Chief Executive Officer, commented: "We are looking forward to working with Petrobras on their high specification jackup drilling program. We anticipate that our modern rigs will set new standards of performance for our customers."
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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