Scorpion Offshore Seeks Shareholder Approval to Increase Capital

The Board of Directors of Scorpion Offshore Ltd at its recent board meeting resolved to suggest to the shareholders to increase the par value of its authorized share capital from US $150,000 to US $300,000 and its number of authorized shares from 75 million to 150 million. Of these authorized shares, 45.4 million are currently issued.

The Company will call a Special General Meeting this week to obtain shareholder approval for this increase in authorized share capital.

The Company does not currently contemplate any increase in its issued share capital.

Scorpion Offshore Ltd. is a Bermuda based corporation founded in 2005 to own and operate state-of-the-art offshore drilling rigs.