Petrobras has awarded a subsidiary of Scorpion Offshore Ltd. a two year contract extension for the jackup Offshore Defender for continued operations offshore Brazil. The extension period will commence in direct continuation of the rig's current program and will keep the Offshore Defender employed until February of 2012. The extension period has a contract value of $94.3 million.
Jon Cole, President and CEO, stated, "Scorpion is proud to receive this contract extension from Petrobras which allows the Company to continue to provide safe and reliable operations to our valued customer. We look forward to continuing our relationship with Petrobras and are pleased to maintain an active role in the exploration and production activities offshore Brazil."
Currently, the Company has six jackups working for various operators around the world. The extension of the Offshore Defender's contract increases the Company's backlog to $771 million as of August 31, 2009 and brings the percentage of days contracted to 70% and 67% for calendar years 2010 and 2011 respectively. On average, this represents contract coverage in excess of two years per rig at dayrates around $170,000. The Company's seventh jackup, the Offshore Mischief, is under construction in Sharjah, U.A.E. and is currently being marketed for sale.
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