Miller Energy Resources announced that Voorhees Equipment and Consulting Inc. has finished construction of Drilling Rig-35 and shipment is now underway to its final destination on the Osprey platform in the Cook Inlet of Alaska. Rig-35 is a National 1320, 2000 hp rig designed for offshore and onshore drilling. Miller made the final payment of $5.77 million on the purchase of the $19.5 million rig by drawing on its line of credit with Guggenheim Corporate Funding, LLC last week.
Rig-35 will be transported by truck from Houston to Seattle then loaded onto steam ships for delivery to Cook Inlet, Alaska. It is expected to take 3-4 weeks for full delivery to Alaska and will take an estimated 40 trailer loads. Once Rig-35 arrives in the Port of Anchorage, it will be trucked 150 miles to Nikiski and loaded onto a platform service vessel for delivery to the Osprey platform. It is expected that it will take up to 60 days to fully erect the Rig on the Osprey platform after its arrival. Preparations for receiving the rig are already underway by Miller Energy's wholly owned subsidiary, Cook Inlet Energy, LLC, led by David Hall.
"The installation of a rig on our Osprey platform marks a new chapter for Miller in Alaska," said Scott M. Boruff, Miller's CEO. "We will now be able to target previously producing wells, drill new wells and perform routine and incidental maintenance on the wells that are already producing. The existing wells continue to exceed our expectations, which bodes well for our future development plans. The new rig will be instrumental in allowing us to further tap the enormous potential of the Redoubt Shoals Field, allowing us to rapidly grow production which has proven to translate into added long term value for our shareholders."
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