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AIDEA Finalizes Cook Inlet Drilling Rig Investment

Authority Closes Deal For Jack-Up Rig

(Anchorage) - Today the Alaska Industrial Development and Export Authority (AIDEA) closed its deal with Buccaneer Energy Limited and Ezion Holdings Limited, to purchase, upgrade, and mobilize a jack-up drilling rig to be used in Cook Inlet and other Alaska waters for oil and gas exploration and development.

Earlier this year the parties executed a Joint Ownership Agreement, and proceeded with finalizing the Conditions Precedent. Now that all Conditions Precedent have been met, AIDEA will make the first portion of its investment of nearly $24 million in the rig.

"The conclusion of this deal is another very positive step forward for Cook Inlet oil and gas resource development," said AIDEA Board Chairman Hugh Short. "AIDEA's investment in this rig will not only help secure long-term energy supplies for Alaskans, it will create job growth and help advance the region's economy.." 

The rig, which is called the Adriatic XI to be renamed Endeavour - Spirit of Independence, was purchased from Transocean. Over the weekend the rig arrived at Keppel FELS Shipyard in Singapore, where it will undergo upgrading and modifications in preparation for its work in Alaska waters. It is expected to transit to Alaska in April 2012, and commence Cook Inlet drilling in May 2012.   

The Alaska Industrial Development and Export Authority is a public corporation of the state. AIDEA's purpose is to promote, develop and advance the general prosperity and economic welfare of the people of Alaska.
 

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