Arias, Fábrega & Fábrega acted as Panamanian counsel to Scorpion Drilling Ltd., Houston, Texas ("Scorpion"), in connection with the delivery and registration under Panamanian flag of the rigs "Offshore Resolute" and "Offshore Vigilant". 

The firm also advised Scorpion and the lenders in connection with the granting of first and second mortgages on the two rigs to secure the senior and subordinated credit facilities extended to Scorpion. Nordea Bank Finland PLC, New York Branch, acted as Collateral Agent and mortgagee on behalf of the senior lenders. Morgan Stanley & Co. Incorporated, acted as Collateral Agent and mortgagee on behalf of the subordinated lenders.