HAMILTON, BERMUDA - 10 December 2009

Scorpion Offshore Ltd. ("Scorpion" or the "Company") secured debt
financing totaling $52.0 million (the "Note") to refinance a short
term loan from Nordea Bank maturing 10 December 2009.

This Note is an increase of the $27.7 million note recently secured
from the Company's largest shareholder, Seadrill Limited, bringing
the total principal amount of the Note to $79.7 million. The Note is
unsecured, has a duration of 6 months and bears interest at 16% per
annum.

Scorpion Offshore Ltd is a Bermuda based corporation founded in 2005,
which owns 6 state-of-the-art offshore jackup rigs built between 2007
to 2009, with one additional identical rig under construction.

Contacts:
Jon Cole, CEO (713) 728-6100
Mark Mey, CFO (713) 728-6100


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