Arias, Fábrega & Fábrega acted as Panamanian counsel to Scorpion Freedom Ltd., a subsidiary of Scorpion Offshore Ltd., in connection with a US$169 million loan facility arranged by Bayerische Hypo- Und Vereinsbank AG. 

The obligations of Scorpion Offshore Ltd. were secured by mortgages on the brand new rigs Offshore Freedom and Offshore Intrepid.