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