Scorpion, through its subsidiary companies, Scorpion Freedom Ltd. and Scorpion Deepwater Ltd., has secured financing for its remaining construction payments on the Offshore Freedom and refinancing the amounts drawn under the Semisubmersible Bridge loan ('Bridge') with Bayererische Hypo-und Vereinsbank AG ('HVB') in a new credit facility totaling $169 million.
HVB is the Sole Arranger and Underwriter in this new credit facility. The credit facility consists of two tranches amortizing over an average period of 4 years.
The Offshore Freedom is being constructed by Lamprell Energy Limited in Sharjah and due for delivery in mid-April 2009.
Referencing Scorpion's press release dated Janaury 8, 2009, Deepwater has reached agreement with Keppel FELS and Third Party Vendors to amicably terminate the construction contract and equipment orders on
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