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Second jack-up rig to explore in Cook Inlet by next April

There will be a second jack-up rig exploring for oil and gas in Cook Inlet by next April, this one owned about one-third by the state of Alaska.

The Alaska Industrial Development and Export Authority, a state corporation, finalized an agreement Nov. 14 to invest $27 million in the purchase of the Adriatic XI jack-up rig along with two partners, Australia-based Buccaneer Energy and Ezion Holdings Ltd. of Singapore, the chairman of the Alaska Industrial Development and Export Authority said in a press release.

AIDEA’s stake in the rig is temporary, however. After five years the authority’s investment will be repaid under terms of the deal.

The jack-up rig was purchased from TransOcean Offshore Resources Ltd. The rig, to be used in drilling for oil and gas in Cook Inlet and possibly other Alaska offshore areas, will be renamed Endeavor – Spirit of Independence, according to Hugh Short, the chairman of AIDEA’s board.

AIDEA has transmitted the first part of its $24 million investment, Short said.

The rig was purchased for $68.5 million, which was funded by $17.6 million from AIDEA, $44 million in debt financed by the Overseas Chinese Banking Corp., and with $6.9 million funded by Buccaneer and Ezion Holdings, according to a Nov. 15 release from Buccaneer.

There will be other expenses in modifications needed for the rig, which will be funded by additional debt from Overseas Chinese Banking Corp. and cash investment from AIDEA, bringing the state authority’s investment to $27 million.

Buccaneer and Ezion Holdings have organized a subsidiary, Kenai Offshore Ventures, to own the jack-up rig. Archer Drilling has been hired as a contractor to operate the rig.

AIDEA’s investment is structured as a Preferred Interest Investment with a fixed annual dividend of 8 percent that is guaranteed by Buccaneer Energy, according to the authority. The state authority’s investment and the loan by the Chinese bank will be repaid in five years, under terms of the deal.

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