Alaska: Buccaneer to buy Kenai Peninsula land rig

Buccaneer Energy Ltd., Sydney, signed a binding agreement to acquire a 12,000-ft depth capacity land rotary rig on Alaska’s Kenai Peninsula from Marathon Oil Corp.’s Glacier Drilling Co. unit for $7.5 million.

The rig was built in 2000 with input from Kenai Peninsula drillers and is designed for pad drilling near residential areas. Buccaneer has received inquiries from operators about contracting the rig and also expects to use it to drill wells for the company.