Scorpion Seeks to Complete Private Placement of 5.4MM Shares

Scorpion Offshore Ltd. intends to complete a private placement of 5.4 million new shares. The Company will approach professional investors following the close of the Oslo Stock Exchange today.

The net proceeds from the private placement will, if successful, be used to fund the equity components of the construction costs for the Company’s 6th and 7th jackups, the Offshore Freedom and Offshore Mischief.  These two rigs are currently under construction at the Lamprell shipyard in Sharjah.
The offering, to be led by Fearnley Fonds ASA and Nordea Bank Norge ASA and will be carried out through a book-building process and is expected to close before opening of the Oslo Stock Exchange on June 27, 2008.
This press release does not constitute an offer to subscribe for the shares in the United States.
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