Scorpion, Gazprom 1 Settle Payment Dispute

Scorpion Nederlandse B.V, Venezuela Branch and UrdanetaGazprom-1 S.A. ("Gazprom 1") have settled their payment dispute. Accordingly, Scorpion has received $12.8 million (out of the $14.8 million receivable balance) on April 12, 2010 pursuant to the terms of the Settlement Agreement. The previously initiated arbitration process was also formally terminated.

Scorpion has one remaining contract with UrdanetaGazprom-2 S.A. ("Gazprom 2") for one well with an estimated duration of 6 months. Scorpion and Gazprom 2 continue to make progress in reaching a mutual understanding as to the commencement date of this contract as Gazprom 2 was not in a position to commence operations on the second well in direct continuation of the first well as provided in the drilling contracts.

The Offshore Vigilant is currently operating offshore Trinidad for a US independent oil and gas company and should complete its last well under this contract in early May.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
US, Zanesville, OH: Associate Electronic Technician - Electronic Technician
Expertise: Electrical Technician
Location: Zanesville, OH
United States Duncan: Design Drafter, Mechanical - Sr. Mechanical Designer
Expertise: Mechanic
Location: Duncan, OK
Senior Fleet Regulatory Compliance Consultant Job
Expertise: HSE Manager / Advisor|QA / QC / Inspection|Regulatory Compliance
Location: Denver, CO
search for more jobs

Brent Crude Oil : $49.71/BBL 1.50%
Light Crude Oil : $48.7/BBL 2.05%
Natural Gas : $3.11/MMBtu 12.68%
Updated in last 24 hours