Scorpio Bulkers Inc. announced  that it has entered into a Securities Purchase Agreement with certain institutional investors for the private placement of its shares of common stock, par value $0.01 per share (the "Common Shares"). An aggregate of 40,000,000 Common Shares will be sold at a price of $3.75 per share, resulting in gross proceeds to the Company of $150 million. The Company intends to use the net proceeds of this offering to fund installment payments due under its newbuilding program, and the remaining amount, if any, for general corporate purposes and working capital. The Company expects to issue the Common Shares on or about November 20, 2014. RS Platou Markets, Inc. and RS Platou Markets AS acted as Placement Agents for the private placement.

The Common Shares are being sold pursuant to an exemption from registration under the Securities Act of 1933, as amended (the "Securities Act"). In connection with this transaction, the Company has also entered into a Registration Rights Agreement with the purchasers in this offering, pursuant to which it has agreed to file a registration statement under the Securities Act covering the Common Shares on January 2, 2015, or such later date as agreed to by the parties.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The Common Shares have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements.

<strong>Press release</strong>