The Alaska Industrial Development and Export Authority or AIDEA announced it has agreed to sell its ownership in the jack-up drilling rig the Endeavour – Spirit of Independence.
Endeavor’s owners, the Kenai Offshore Venture LLC, approached AIDEA with the request to exercise their rights to purchase AIDEA’s ownership stakes under provisions of the KOV Operating Agreement.
KOV has been unable to secure long-term charters for the rig in the Cook Inlet over the last few months.
Despite that, KOV common owners have lived up to the operating agreement and have invested additional funds into KOV to pay for rig operating and maintenance costs.
If the approval of the final sale goes through, the rig will leave Cook Inlet on a heavy lift vessel for transport to South Africa for use in offshore exploration.