Scorpion Cinches Private Placement of 5.4MM Shares

Scorpion Offshore Ltd. has successfully completed a private placement of 5.4 million new shares at a subscription price of NOK 80.50. Gross proceeds from the equity issue totaled NOK 434.7 million (approximately US$ 86 million). 

Scorpion issued shares, following this equity issue, increases to 59,605,156, each at a par value of US$0.002 per share. The net proceeds from this private placement will be used to fund part of the construction costs for the Company`s 6th and 7th jackups, the Offshore Freedom and Offshore Mischief. 

The private placement was lead managed by Fearnley Fonds ASA, with Nordea Bank Norge ASA as co-lead manager.

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