Scorpion Offshore risks losing USD3.8m revenue in Gazprom dispute

Posted on: Mon, 03 Aug 2009 09:23:00 EDT


Symbols: SRPOF, OGZPY
Aug 03, 2009 (M2 EQUITYBITES via COMTEX) --
SRPOF | Quote | Chart | News | PowerRating -- 3 August 2009 - Oslo-listed but Bermuda-based drilling rig operator
Scorpion Offshore Ltd (OSL: SCORE) said last Friday it risks losing
USD3.8m in revenue in a worst-case scenario in a dispute with Russian
major Gazprom OAO (MCX: GAZP).

In a fleet status update, Scorpion said that Gazprom is disputing the
stated revenue as the Russian giant considers that 550 hours were lost
in May 2009 for the jack-up rig Offshore Vigilant, which it has
chartered from Scorpion, as a result of "fishing jobs".

Scorpion and Gazprom have hired a third party to find a solution.
Scorpion will not book the revenue before the issue is resolved.

(EUR1 = USD1.4)

Comments on this story may be sent to 
nbr.feedback@nordicbusinessreport.com

For full details on (SRPOF) SRPOF. (SRPOF) has Short Term PowerRatings at TradingMarkets. Details on (SRPOF) Short Term PowerRatings is available at This Link.

For full details on (OGZPY) OGZPY. (OGZPY) has Short Term PowerRatings at TradingMarkets. Details on (OGZPY) Short Term PowerRatings is available at This Link.

UPCOMING EVENTS
Learn new strategies, how to trade in this market, and the stocks you should be focusing on each day. Join us for our free 20 minute tele-seminars during the week.
Thursday February 11 04:30 PM
* Attendance is strictly limited and are filled on a first-come, first-served basis.