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November 12, 2014 --- Vol. 20, No. 59November 2014

Endeavour leaving Cook Inlet

The Alaska Industrial Development and Export Authority said today that it is selling its ownership share in the jack-up drilling rig Endeavour - Spirit of Independence and that the rig will be leaving Cook Inlet due to lack of work.

AIDEA said it invested as a preferred owner in Kenai Offshore Ventures LLC, KOV, the owner of the Endeavour, along with common owners Ezion Holdings Ltd. and Ezion subsidiary Teras Investments Pte. Ltd.

KOV's common owners are repurchasing AIDEA's preferred shares, leaving the common members as sole owners of KOV.

AIDEA said KOV has been unable to secure a long-term charter for the rig in Cook Inlet and pending final AIDEA approval of the sale, the rig will leave Cook Inlet on a heavy lift vessel for transport to South Africa for use in offshore exploration.

- KRISTEN NELSON

See story in Nov. 23 issue of Petroleum News, available online Friday, Nov. 21 at www.PetroleumNews.com

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