According to a press release from Buccaneer Energy Ltd., the company has closed on the purchase of the jack-up drilling rig that it plans to use to drill in Cook Inlet.

Buccaneer's 50-percent owned subsidiary, Kenai Offshore Ventures LLC, has completed its acquisition of the rig, named "Endeavor," from Transocean Offshore Resources Ltd., at the purchase price of $68.5 million. The Alaska Industrial Development and Export Authority contributed to the purchase of the rig with a preferred interest investment of $17.6 million with a fixed 8-percent dividend per year.

Endeavour is currently at a shipyard in Singapore being winterized and brought up to readiness after being stored.

Buccaneer Director Dean Gallegos said in the release:

With completion of this transaction, we have achieved what was initially considered by some, to be a very ambitious goal - to acquire an offshore jack-up rig.

This significant milestone for Buccaneer marks the start of the very tangible steps toward unlocking the value of our Alaskan offshore assets which Netherland, Sewell & Associates has estimated to be 73.3 MMBOE in combined 2P Reserves and P50 Resources. We are well on that path with mobilisation to the Cook Inlet on track for April/May 2012.

Furthermore the Endeavour represents a strategic asset, ensuring Buccaneer will feature predominantly in the "renaissance" of exploration activity in the offshore waters of Alaska.

Read much more, here (.pdf).

Also, The Associated Press reports that AIDEA has increased its investment in the rig Endeavour, boosting its contribution to $24 million and signing a joint purchase agreement with Buccanneer and Ezion Holdings Ltd.