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Scorpion Offshore secures short-term financing


Published Nov 13, 2009
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Scorpion Offshore

Scorpion Offshore secured financing of $27.7 million (the "Note"), which will be used to meet the current progress payment under the Offshore Mischief construction contract.

The Note is unsecured and has a duration of 6 months and is being provided by the Company's largest shareholder, Seadrill Limited, at a coupon of 16% per annum.

The final remaining payment to the shipyard of $26.1 million is due at delivery of the Offshore Mischief which is scheduled for 30 April 2010.

The Offshore Mischief is currently being marketed for sale. The sale of the Offshore Mischief would eliminate any requirement for any additional Company funding and provide the necessary funds to repay the Note.

Tags: Scorpion Offshore



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