Archer to operate Cook Inlet jackup for Buccaneer

Buccaneer Energy Ltd. has selected Archer Drilling LLC to operate the Adriatic XI jackup.

Offshore staff

SYDNEY, Australia – Buccaneer Energy Ltd. has selected Archer Drilling LLC to operate the Adriatic XI jackup

Upon completion of successful negotiation, Archer will provide the following:
• Project management for shipyard modifications to the Adriatic XI, to be renamed Endeavour
• Manage mobilization of the rig from Singapore to the Cook Inlet, Alaska
Operate the rig in Cook Inlet under a bare boat charter agreement.

Archer has sent a team to the rig to begin defining the detailed engineering work scope, shipyard budget, and schedule. This is expected to take three weeks to complete.

10/07/2011

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