Scorpion Snares 6-Year, $1.1B Contract with Petrobras

Scorpion Offshore Ltd. signed its 6-year contract with Petrobras for a newbuild deepwater semisubmersible for operations offshore Brazil. The revenue from this contract will be approximately US $1.1 billion, plus operating cost inflation adjustments throughout the contract term.

To fulfill its obligations under this contract with Petrobras, Scorpion has ordered a DSS-38 from Keppel Fels with delivery in December 2011. This new rig will be a dynamically-positioned, four column semisubmersible capable of drilling wells to 8,500 meters in water depths up to 2,400 meters. The total estimated cost of this rig, including owner furnished equipment, commissioning, project management and financing costs is $700 million.


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