Buccaneer lodges Counterclaim against Archer Drilling
Sydney, Mar 13, 2013 AEST (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) provides the following update in respect to the suit filed by Archer Drilling, LLC ("Archer Drilling") following the termination of Archer Drilling as the project manager of the modifications and repairs of the "Endeavour - Spirit of Independence" ("Endeavour") jack-up rig.
The Endeavour is owned by Kenai Offshore Ventures, LLC ("Kenai Offshore"), which is a joint venture between Buccaneer, Singapore based Ezion Holdings Limited and the Alaska Industrial Development and Export Authority ("AIDEA"). Buccaneer is the designated Manager of Kenai Offshore.
Archer Drilling was engaged by Kenai Offshore in October 2011 under a Master Services Agreement ("MSA") to provide project management services for the modifications and repairs required to be undertaken to the Endeavour to allow it to operate in the Cook Inlet, Alaska.
Today the Company filed a counterclaim in the District Court, Harris County Texas against Archer Drilling for conversion, fraud, and interference in contracts relating to the damages sustained by the Company and the Company's wholly owned subsidiary Kenai Drilling, LLC ("Kenai Drilling"), among others.
The counterclaim outlines the damages caused by Archer Drilling's misrepresentations, misconduct, and delays resulting millions of dollars of damage, including but not limited to the loss of up to US$30.0 million in revenue to Kenai Drilling because of the inability to use the Endeavour to undertake drilling operations within the Cook Inlet.
Kenai Offshore is in the process of preparing its own counterclaim against Archer Drilling for damages.
Contact
Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com
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