The Board of Directors of Scorpion Offshore Ltd. approved the Company's 1st quarter 2009 interim consolidated financial statements. These financial statements have been prepared in accordance with US Generally Accepted Accounting Principles. Highlights for the quarter ended September 30, 2008 include:
- Revenues increased by 50% or $16.2 million to $48.8 million during the 1st quarter ended September 30, 2009
- Net Income increased 64% to $17.0 million from the previous quarter
- Operating Income of $22.6 million up $13.2 million or 141% from the previous quarter primarily due to the Offshore Resolute beginning operations in Vietnam
- Average day rate for 1st quarter of $188,700 ($173,700 for last quarter)
- Average daily rig operating cost of $59,100 ($65,400 for last quarter)
- Revenue utilization averaged 98.3% for the quarter
- Offshore Courageous continued work for RAK Petroleum offshore Oman and achieved 99.5% revenue utilization during the quarter
- Offshore Defender achieved 96.0% revenue utilization during the quarter due to 3.4 days of downtime in 1Q related to a third party equipment malfunction
- Offshore Resolute began working for Thang Long Joint Operating Company in Vietnam and has achieved 99.9% revenue utilization during the quarter
- Safety - zero lost time incidents for the quarter
Subsequent to September 30, 2008, it is important to note that the Offshore Courageous completed its drilling program for RAK Petroleum offshore Oman on November 4, 2008. The rig arrived at Lamprell shipyard in Dubai on November 5, 2008 to prepare for its drilling program for Shell in Malaysia scheduled to commence January 1, 2009.
In addition, the Offshore Vigilant began working November 11, 2008 for Urdanetagazprom-1 in Venezuela.
Finally, on October 29, 2008, Offshore Freedom signed the charter contract with Odjfell for work in the neutral zone located offshore Saudi Arabia with a duration of 4 years at a dayrate of $185,000.
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