Australian-owned Buccaneer Energy said Thursday its subsidiary, Kenai Offshore Ventures LLC, has executed a binding purchase agreement with Transocean Offshore Resources to acquire the Adriatic XI jack-up rig and move it to Alaska.

The rig will be modified to deal with Alaskan offshore conditions and moved to Cook Inlet in April or May 2012, Buccaneer spokesman Dean Gallegos said. The first well to be drilled in the Inlet will be Buccaneer's Southern Cross prospect, which is in about 50 feet of water. Read full article from Platt's here...