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US$68.5 Million Jack-Up Rig Acquisition Completes

Source: www.gulfoilandgas.com 11/15/2011, Location: Not categorized

Buccaneer Energy Limited is pleased to advise that the Company’s 50% owned subsidiary Kenai Offshore Ventures, LLC (KOV) has overnight in London completed the acquisition of the GSF Adriatic XI offshore jack-up rig (Rig) from Transocean Offshore Resources Limited (Transocean), a subsidiary of Switzerland-based Transocean Limited.

The total purchase price of the Rig was US$68.5 million funded through:
- A Senior Debt Facility with Oversea-Chinese Banking Corporation (“OCBC”) of US$44.0 million;
- A Preferred Interest investment from the Alaska Industrial Development and Export Authority (“AIDEA”) of US$17.6 million with a fixed annual dividend of 8.0% per annum; with
- The balance of the purchase price of US$6.9 million was paid by KOV with equal contributions from Buccaneer and Singapore-based Ezion Holdings Limited. These funds were paid as the deposit for the Rig in September 2011.

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