Scorpion Exercises First Jackup Option at Lamprell

Scorpion Offshore Ltd., through its wholly owned subsidiary, Scorpion Rigs Ltd., has agreed to exercise the first of its four options with Lamprell Energy Ltd., a subsidiary of Lamprell plc, to construct a LeTourneau Super 116E 'ultra-premium' class jackup drilling rig. The turnkey price of this rig, to be named the Offshore Mischief, is $175.9 million excluding drillpipe and handling tools.

The Offshore Mischief is a sister rig to the Offshore Freedom, and its construction will also proceed under a 'turnkey' construction contract at Lamprell's yard in Sharjah. The rig is scheduled for delivery at the end of 2009.

The rig is rated to work in up to 350 feet of water and has a rated drilling depth of 30,000 feet.

Jon Cole, Scorpion's CEO, commented: "We believe that the combination of growing demand for 'ultra-premium' jackups, particularly in the Arabian Gulf market, combined with the favorable pricing, yard location and delivery schedule offered by Lamprell, makes the Offshore Mischief a natural addition to the Scorpion fleet."

The Offshore Mischief will be Scorpion's seventh jackup newbuild and the second rig being built by Lamprell in the United Arab Emirates.

With the exercise of this option, Scorpion still holds options to construct up to three additional LeTourneau Super 116E rigs at Lamprell.

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