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World shipyards have a record order backlog. What effect will the global credit crunch have?

No effect
A slow down in new orders
Cancellation of some existing orders
Cancellation of many exisiting orders

Marine Log

April 8, 2008

Scorpion gets LOI for $72 million jackup contract

Scorpion International Ltd., a wholly-owned subsidiary of Scorpion Offshore Ltd. (Oslo: SCORE) has received a letter of intent for the Offshore Vigilant for operations offshore Venezuela beginning in late October 2008. The proposed contract will last a minimum of 11 months and will generate approximately US$ 72 million in revenue.

The Offshore Vigilant, the company's fourth ultra- premium jackup, is currently under construction at Keppel AmFELS shipyard in Brownsville, Texas and will be delivered in August 2008.

The letter of intent is subject to certain conditions including agreement of final contractual terms and conditions.

Scorpion says it "is currently in discussions with several operators" on its third ultra premium jack-up, the Offshore Resolute due to be delivered later this month, and "should have an announcement on employment in the very near future.


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