Scorpion Offshore posted $15.2m net income for its March-end quarter, up from $7.4m the previous year, and the group says that despite overall stretching market conditions, it is well placed to continue revenue and profit increases as new units come onstream.

The Oslo-listed rig owner and operator's quarterly revenues came in at $67.8m for the quarter, up from $28.5m previously.

"The increase of $16.7m in revenue ... is primarily due to the increased number of days of operation for both the Offshore Courageous (70 days vs 33 days) and the Offshore Vigilant (90 vs 51) compared to the last quarter," Scorpion said.

Both rigs had spent most of the previous quarter preparing and mobilising for their next drilling programmes.

Scorpion said the effects of the global financial crisis and global economic slowdown continued to negatively hit the oil and gas drilling industry through a decline in drilling activity.

E&P companies were particularly reducing spending and delaying or even cancelling projects.

Scorpion, however, said it was well positioned for the rest of 2009 and 2010.

"We have a contracted revenue backlog of $821m corresponding to an average 2 years of contract coverage per rig," it said.

"Revenue and net income are expected to increase over the next two quarters as the Offshore Intrepid and Offshore Freedom begin oprations in Saudi Arabia in May and June 2009 respectively."