Kenai Offshore to buy GSF Adriatic XI jackup from Transocean

Buccaneer Energy Ltd.’s subsidiary Kenai Offshore Ventures LLC has signed a binding purchase agreement with Transocean Offshore Resources Ltd. to acquire the GSF Adriatic XI jackup rig for $68.5 million.

Offshore staff

SYDNEY, Australia – Buccaneer Energy Ltd.’s subsidiary Kenai Offshore Ventures LLC has signed a binding purchase agreement with Transocean Offshore Resources Ltd. to acquire the GSF Adriatic XI jackup rig for $68.5 million.

Upon settlement, expected to be around October, the rig will undergo modifications for Cook Inlet, Alaska, operations. It is expected back in Alaska for the 2012 drilling season.

The rig can operate in water depths to 300 ft (91 m), is constructed of -10ºC (14ºF) rated steel, can handle two sets of BOPs, has cantilever extensions to allow work over existing platforms, and has four cranes and a high deckload rating.

Buccaneer says it has the first right of refusal to use the rig until Dec. 31. 2014, and plans to commit to drill at least four wells in Cook Inlet with the rig.

09/01/2011

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