Buccaneer's Jack-up Rig Mobilizes to Alaska

Press Release
Wednesday, August 01, 2012

Australia-based Buccaneer Energy sees its 'Endeavour – Spirit of Independence' en route to Cook Inlet, Alaska.

Buccaneer says it jack-up rig has been loaded on to the heavy lift vessel Kang Sheng Kou bound to drill for fossil fuels in waters off the coast of Alaska.

The delivery of the Endeavour jack-up rig to the Cook Inlet will complete the first phase of Buccaneer’s business plan started almost 2 years ago. That plan included the acquisition of the Endeavour and the modification and repairs in Keppel FEL shipyard, which was managed by Buccaneer’s internal management team.

The Endeavour project was funded through a joint venture company Kenai Offshore Ventures, LLC (“KOV”). With Buccaneer in the joint venture are Singapore listed Ezion Holdings Limited, that specializes in the development, ownership and chartering of strategic offshore assets and the provision of offshore marine logistics and support services to the offshore oil and gas industries, and the Alaska Industrial Development and Export Authority (“AIDEA”). AIDEA will be investing a total of US$23.65-million into KOV on completion of the mobilization phase.

“We are very excited to finally have the Endeavour on its way to the Cook Inlet,” said Jim Watt, President of Buccaneer Alaska. “We spent a significant amount of time and effort outfitting the Endeavour to make it ‘fit for purpose’ for work in the Inlet, and once it’s on station will stay for years to come, providing the citizens of Southcentral Alaska with the key to unlock the vast amounts of oil and gas locked in the Cook Inlet.”
 

 

 

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