Stakeholder To Sell Holdings In Alaska Rig

The Alaska Industrial Development and Export Authority has announced plans to sell its ownership stake in a Cook Inlet rig, which will be transported to South Africa for offshore exploration, pending final approval.

The authority, set up by the Alaska Legislature to provide financing for businesses that expand the state economy, said Friday it and other owners have been unable to secure a long-term charter for the jack-up drilling rig, the Endeavor-Spirit of Independence.

The rig arrived from Singapore in 2012. Initial plans called for keeping it in Homer for a few days, but it wound up staying more than seven months because of delays and repairs.

The Endeavor is owned by Kenai Offshore Ventures, LLC, involving AIDEA and partners. The partnership plans to purchase AIDEA’s shares.