News Release Scorpion Offshore Ltd. (SCOF) Announces Results of ...

sleepyeyeegyptianOil and Offshore

Nov 8, 2013 (3 years and 11 months ago)

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New
s

Release



Scorpion Offshore Ltd.
(SCOF) Announces Results of Recent Funding Efforts



HAMILTON, BERMUDA



November 4
, 2005



Scorpion Offshore raised approximately USD 50 million

of equity on November

3,

2005
through private placement
s

of 1,794,000 shares at a price of NOK 192/share. The
offering was
executed

by Fearnley Fonds and First Securities ASA.


Raising this amount of equity was a pre
-
requisite to funding
under Scorpion
Drilling
Ltd.’s

(“Scorpion Drilling”)
1st

L
ien
Senior Secured Credit Facilities

which consists of a
USD 170 million term loan and a

USD 50 million
revolv
ing credit facility

bearing
interest
at LIBOR plus 2.125%
.

These credit facilities mature in May 2013.


On November
1,
2005
Scorpion Drilling

received commitments
for a
USD 225
million
non
-
amortizing
2
nd

L
ien
Senior Term Loan C
. These notes
bear interest at LIBOR

plus
7.5% and
mature in May 2014
. The
se

notes are c
allable after four years.


Scorpion Drilli
ng Ltd. is a wholly
-
owned subsidiary of Scorpion Offshore.
Scorpion
Offshore guarantees both
the 1
st

and 2
nd

Lien credit facilities and loans.


Scorpion Offshore has raised all of the necessary funds to complete construction of its
four LeTourneau Super 11
6 jackups. The company
and its subsidiaries
ha
ve

raised a
total of approximately USD 582 million which is comprised of USD 187 million of
equity,
a
USD 170
million
1
st

L
ien
term loan
, and
a
USD 225
million
2
nd

Lien

l
oan
.


Scorpion Offshore Ltd. is a Bermu
da based corporation founded in 2005 to own and
operate state
-
of
-
the
-
art offshore drilling rigs. Scorpion has an experienced management
team located in Houston, Texas.



Contacts:


Jon Cole, CEO

(713) 979
-
5765

Mark Mey, CFO

(713) 979
-
5773