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Port Graham Welcomes the Endeavour Jack-Up Rig

ANCHORAGE, Alaska--()--Port Graham Corporation today announced that it is pleased to provide a protected harbor for the drilling rig Endeavour, which arrived last week for winterization. The Endeavour joins the Spartan 151 drilling rig, which begins its third winter mooring season in Port Graham. Both rigs operated in Cook Inlet this past season.

Port Graham provides a strategic mooring location that offers a sheltered and ice-free harbor ideally located to support recent offshore exploration in Cook Inlet. A maritime community with a strong commercial fishing history and a subsistence culture, the Native Village of Port Graham is uniquely positioned to provide the shore-based support and service that the offshore drilling industry requires.

Lloyd Stiassny, President and CEO of Port Graham Corporation, commented, “Port Graham has always been receptive to the offshore drilling industry in Cook Inlet. Adding the Endeavour to our community provides much-needed economic stimulus and local jobs. Additionally, we believe mooring at Port Graham is the safest decision that Buccaneer Energy could have made, due to the fact that our harbor is the most protected and ice-free area during the harsh Cook Inlet winters. Buccaneer’s drilling projects are only a short tow from Port Graham, and the rig can move between the two locations in a matter of hours.”

In addition to the Endeavour, Port Graham enjoys hosting Spartan Offshore Drilling’s Spartan 151 drilling rig. The Spartan 151 has had a positive impact on the community, which looks to diversify and expand its economy. Mooring the Endeavour alongside the Spartan 151 increases employment opportunities for Port Graham residents. Port Graham Corporation hopes to continue building a strong, long-term partnership with these rigs and their operators in order to provide further economic benefits to the local community.

Mr. Stiassny continued, “We appreciate Buccaneer Energy engaging with the local community for the mutual benefit of both parties. Port Graham residents want to stay engaged with regional oil operations to prevent disasters such as the 1989 Exxon Valdez spill. Buccaneer’s decision to moor at Port Graham shows that the company is conscience of environmental considerations and wants to participate with Alaskans to ensure all obligations are met. We look forward to growing our economy through support and maintenance of the Endeavour rig, and to a long and fruitful relationship with Buccaneer Energy.”

The economic benefits of this partnership extend beyond Port Graham, as the equipment, expertise and companies that will work on the Endeavour will be drawn from the greater South Central area.

About Port Graham Corporation:

Port Graham Corporation (PGC) is an Alaska Native Corporation (ANC) 8(a) certified firm whose principles and philosophies are guided by the Alutiiq heritage, culture and values. PGC is committed to delivering the highest possible value, on schedule, and on budget to our customers. PGC offers a broad range of project management services characterized by a strong accounting system, sound schedule management and project discipline that strives to create increased value for our customers. We consistently look to exceed customer requirements and deliver a quality product through excellence in execution and a genuine spirit of teamwork and cooperation.

About Endeavour:

The Endeavour is owned by Kenai Offshore Ventures, LLC (“Kenai Offshore”), a joint venture with Singapore based Ezion Holdings Limited and the Alaska Industrial Development and Export Authority (“AIDEA”). It is capable of drilling to 20,000 feet, in 18-300 foot water depths. Buccaneer is the designated manager of Kenai Offshore. The Endeavour mobilized from Singapore aboard the Kang Sheng Kou on July 31, 2012, and arrived at Homer in the southern reaches of Cook Inlet on August 25, 2012.

There has not been a jack-up rig with the operational capabilities of the Endeavour in Cook Inlet since the early 1990’s, and the company has been working closely with local agencies to comply with the permitting requirements specific to this kind of vessel.

About Spartan 151:

The Unit design is Baker Marine ILC/Skidoff, It was Refurbished to new in 2006. The Spartan can operate in a minimum water depth of 12 feet or a maximum water depth of 150 feet. It is rated for drilling to a depth of 25,000 feet and has quarters for 62.

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