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Scorpion Offshore Ltd. (OSL:SCORE) - Board Remuneration

Scorpion Offshore Ltd. (OSL:SCORE) Hamilton, Bermuda - 19 November 2008

Scorpion Offshore Ltd. ("Scorpion") has today issued 4,921 common shares to DnB NOR Bank ASA ("DnB"), the company registrar. These shares represent the Board of Directors 1st quarter 2009 remuneration. After the issue of these shares, the total number of common shares is 60,100,955.

The details of the Board Remuneration are as follows.

Scorpion has, as informed in the company's Registration Document dated 12 June 2006, its various unaudited quarterly financial statements and its audited annual financial statements for the year ended 30 June 2007, given its Directors a choice to receive 50 % of the board compensation in shares of the company. For the fiscal year ended 30 June 2008, all directors elected to receive the maximum number of shares. 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 was used to compute the number of shares. The share price on 1 July 2008 was NOK 82.00. For each fiscal year, aggregate Director compensation is reported by the Company in its quarterly financial statements. On 19 November 2008 Scorpion issued shares as compensation to the Directors for the first quarter of the fiscal year ending 30 September 2008. Below is a summary of the first quarter ending 30 September 2008:

As of 19 November 2008

Robert Solberg Shares Issued 927 Total Shares held 22,267 % of share capital 0.04%

Mike Harvey Shares Issued 927 Total Shares held 31,916 % of share capital 0.05%

Christopher Paus Shares Issued 772 Total Shares held 9,268,989 % of share capital 15.41%

Robert Woods Shares Issued 772 Total Shares held 10,236 % of share capital 0.02%

Pat Herbert Shares Issued 927 Total Shares held 12,457 % of share capital 0.02%

James Yardley Shares Issued 596 Total Shares held 3,508 % of share capital 0.00%

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

LINK: http://hugin.info/136299/R/1271578/282013.doc

Scorpion Offshore Ltd.

http://www.scorpionoffshore.com

ISIN: BMG786761061

Stock Identifier: XOSL.SCORE

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Scorpion Offshore Ltd.

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