Buccaneer Energy acquires jackup for US$68.5 million
Buccaneer Energy Ltd announced that the company’s 50% owned subsidiary Kenai Offshore Ventures, LLC (KOV) has completed the acquisition of the GSF Adriatic XI offshore jack-up rig from Transocean Offshore Resources Ltd, a subsidiary of Switzerland-based Transocean Ltd. The total purchase price of the Rig was US$68.5 million.
The name of the Rig has been changed to “Endeavour – Spirit of Independence”.
Buccaneer Director Dean Gallegos said, “With completion of this transaction, we have achieved what was initially considered by some, to be a very ambitious goal – to acquire an offshore jackup rig. This significant milestone for Buccaneer marks the start of the very tangible steps toward unlocking the value of our Alaskan offshore assets which Netherland, Sewell & Associates has estimated to be 73.3 million boe in combined 2P Reserves and P50 Resources. We are well on that path with mobilization to the Cook Inlet on track for April-May 2012. Furthermore, the Endeavour represents a strategic asset, ensuring Buccaneer will feature predominantly in the renaissance of exploration activity in the offshore waters of Alaska.”
11/16/2011