The press release issued on 1 December 2009 included an incorrect
number of shares issued to a board member. Please see corrected
announcement.
-----------CORRECTION-------------
HAMILTON, BERMUDA - 1 December 2009
Scorpion Offshore Ltd. ("Scorpion") has issued 263,916 common shares
to DnB NOR Bank ASA ("DnB"), the company registrar. These shares
represent the Board of Directors 1st quarter 2010 remuneration
(27,070 shares) and grant of restricted shares to Scorpion employees
(236,846 shares).
The 263,916 shares issued are ordinary shares of Scorpion Offshore
Ltd. with a par value of USD 0.002 per share. The addition of these
shares brings the total number of shares so admitted to 89,673,640.
The shares were validly and legally issued, fully paid-up and
properly registered in the Share Register maintained by the Company,
which is the relevant register under Bermuda law.
Board Remuneration
Per the Scorpion Offshore Ltd.'s Non-Employee Director's Compensation
Plan approved by the Board on 10 February 2006, the share price on
the first trading day of the year is used to compute the number of
shares issued to Directors as compensation. The share price on 1 July
2009 was NOK 23.00. For each fiscal year, aggregate Director
compensation is reported by the Company in its quarterly financial
statements. On 26 November 2009, Scorpion issued shares as
compensation to the Directors for the first quarter of the fiscal
year ending 30 September 2009. Below is a summary of the shares
issued to date during this fiscal year:
Robert Solberg
Shares issued for 1st quarter 2010 4,159
Total number of shares held directly/indirectly 48,072
Percentage of share capital 0.05%
Mike Harvey
Shares issued for 1st quarter 2010 4,159
Total number of shares held directly/indirectly 52,721
Percentage of share capital 0.06%
Christopher Paus
Shares issued for 1st quarter 2010 3,713
Total number of shares held directly/indirectly 9,309,474
Percentage of share capital 10.38%
Robert Woods
Shares issued for 1st quarter 2010 3,466
Total number of shares held directly/indirectly 29,883
Percentage of share capital 0.03%
Pat Herbert
Shares issued for 1st quarter 2010 3,466
Total number of shares held directly/indirectly 32,816
Percentage of share capital 0.04%
James Yardley
Shares issued for 1st quarter 2010 3,094
Total number of shares held directly/indirectly 27,783
Percentage of share capital 0.03%
Erling Lind
Shares issued for 1st quarter 2010 1,547
Total number of shares held directly/indirectly 15,412
Percentage of share capital 0.02%
Christen Sveaas
Shares issued for 1st quarter 2010 3,466
Total number of shares held directly/indirectly 14,970,928
Percentage of share capital 16.69%
The restricted shares received by Primary Insiders are as follows:
Gabriel Padilla received 18,458 restricted shares (holdings -
219,916)
Jim Denney received 197,388 restricted shares (holdings - 197,388)
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
