The 50%-owned subsidiary of Australia-listed Buccaneer Energy expects the rig to take about 21 days to reach the Cook Inlet.
Endeavour will then be offloaded and towed via tug to the first well location in Buccaneer’s programme, and is expected to commence drilling in early September.
Buccaneer stated that upon completion of this year’s drilling season (anticipated to be in early November), Endeavour will be towed to the company’s 25%-owned and operated Cosmopolitan project to start drilling operations.
The Cosmopolitan project in the southern Cook Inlet is ice-free in winter, meaning that Endeavour can continue to be utilised during the season.
The rig has undergone substantial repairs and maintenance this year through KOV’s contract with the Keppel FELS shipyard in Singapore.
The work has now been completed, including: engineering and steel works to increase the lifeboat capability (as per new US Federal government regulations for jack-ups operating in US waters); improvements to insure suitability for Endeavour to be used as a standby rig for operators in the Chukchi and Beaufort seas; and all key systems to be taken to workshops, stripped, repaired where necessary and reinstalled, to certify the rig with the American Bureau of Shipping for the maximum five years.
As Endeavour was also planned to be used at the Cosmopolitan project later this year, work that was planned to be completed during the winter period needed to be brought forward.
Buccaneer stated that the additional work resulted in a budget increase, and about $2.5 million of the funds raised from the recently announced capital raising would be used to meet its obligations to KOV.