Buccaneer Energy Limited has completed arrangements to secure rights in respect of the Glacier Drilling Rig # 1 (Glacier Rig).
The Glacier Rig was owned by Glacier Drilling Company, a wholly owned subsidiary of the Marathon Oil Company (Marathon). The Company has facilitated the purchase of the Glacier Rig by a third party that specialises in the energy sector.
The new owner and a wholly owned subsidiary of the Company, Kenai Land Ventures, LLC (Kenai Land), that has been set up specifically for this transaction have entered into a 3 year Bare Rig agreement.
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Buccaneer Energy Ltd.
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