Rig: Endeavour, The Spirit of Independence

Endeavour, The Spirit of Independence jackup to leave Cook Inlet

The Alaska Industrial Development and Export Authority (“AIDEA”) sold its stake in Kenai Offshore Ventures (“KOV”) for USD25.6 million and the Endeavour jack-up rig is on its way out of Cook Inlet, the authority announced on 14th November 2014. KOV plans to move the Endeavour next week on a heavy lift vessel to South Africa for use in offshore exploration, AIDEA said in its press release on Friday. The 765-foot heavy lift vessel Zhen Hua 15 arrived in Homer on Tuesday, said Homer Harbormaster Bryan Hawkins. The large, red-orange vessel with a low-slung deck at mid ship has been a prominent ship in Kachemak Bay this past week. Hawkins said he sat in on a meeting on Thursday with the Zhen Hua 15 captain, a rig mover and other crew to discuss the loading of the Endeavour. Ezion Holdings Ltd. and its subsidiary Teras Investments approached AIDEA to purchase its share of Kenai Offshore Ventures after the joint-venture company was unable to secure long-term work for the Endeavour in the Inlet. The Endeavour will head to South Africa on a heavy lift vessel pending final AIDEA approval, the release states.

Buccaneer Energy sells interest in Kenai Offshore Ventures

Buccaneer Energy has sold its stake in Kenai Offshore Ventures LLC (KOV), the company that was set up to own and operate the ‘Endeavour, The Spirit of Independence’ jackup rig in the Cook Inlet, Alaska. Buccaneer’s stake has been purchased by Teras Investments Pte. Ltd (Teras), a subsidiary of Ezion Holdings. The unit will remain in Alaska, undertaking its existing bareboat charter until 29th October 2017 however, it will now be managed by Spartan Offshore Drilling, who also own and operate the ‘Spartan 151’ jackup that’s also currently operating in the Cook Inlet.

Buccaneer Energy releases update for Alaskan drilling operations

Buccaneer Energy has released an update of its current operations in the USA (Alaska). The ‘Endeavour, The Spirit of Independence’ (Endeavour) jackup is currently in Port Graham, Alaska awaiting approval from regulatory groups to carry out winter drilling operations. The unit gained approval to drill the Cosmo #2 well on the 8th October 2013, however is still awaiting timing approval. The aim of the Cosmo #2 well is to appraise the Cosmo #1 well which intersected gas in August 2013.