Buccaneer Energy Limited, Sydney, (ASX: BCC) has reported that it's 50% owned subsidiary Kenai Offshore Ventures (KOV) has overnight in London completed the acquisition of the GSF Adriatic XI offshore jackup rig from Transocean.

The total purchase price of the Rig was US $68.5 million funded through:

KOV anticipates over the over the next 5 years both the OCBC and AIDEA facilities will be fully repaid by revenues received under the Bare Boat Charter agreement.

Coinciding with settlement the name of the Rig has been changed to "Endeavour – Spirit ...