Offshore Intrepid Jackup Snags LOI to Operate in Arabian Gulf

Scorpion Offshore has announced that its 5th rig, the Offshore Intrepid, chartered by Odfjell Drilling Services ("ODS"), received a Letter of Intent ("LOI") for operations in the Arabian Gulf beginning second quarter 2009. The LOI was issued by Al-Khafji Joint Operations to Odfjell Drilling Services. The contract duration is 41 months and is anticipated to be signed within 2 weeks.

The oil company KJO is situated in the neutral zone between Saudi Arabia and Kuwait and is operated by Saudi Aramco and Kuwait Natural Oil Company(KNOC).

The Offshore Intrepid is currently being constructed at Keppel AmFELS in Brownsville, Texas and is scheduled for delivery on January 24, 2009.


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