08-06-03-td-Scorpion

Petrobras has awarded Scorpion Offshore Ltd. a letter of commitment for a newbuild deepwater semisubmersible for operations offshore Brazil prior to June 2012.

Offshore staff

HAMILTON, Bermuda -- Petrobras has awarded Scorpion Offshore Ltd. a letter of commitment for a newbuild deepwater semisubmersible for operations offshore Brazil prior to June 2012. The contract has a six-year duration with potential revenue of approximately $1.1 billion plus operating cost inflation adjustments throughout the contract term.

This is Scorpion's second contract with Petrobras. TheOffshore Defender began operations in Brazil in March.

The new rig will be a dynamically-positioned, four column semisubmersible capable of drilling wells to 8,500 m (27,887 ft) in water depths up to 2,400 m (7,874 ft). Scorpion is currently in discussions with several shipyards to finalize rig specifications, delivery slot, and final pricing.

The agreement is subject to certain conditions including the requirement to guarantee a shipyard slot within 30 days.

06/03/2008

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