Drilling Co. Blames Buccaneer For Failed Oil Rig Venture

Law360, Houston (December 19, 2012, 4:43 PM EST) -- A Houston-based oil field drilling service provider on Wednesday launched a suit against Buccaneer Energy Ltd., alleging the oil and gas company underfunded a joint venture to refurbish an oil rig to be used off the coast of Alaska, causing the deal to fail.

Archer Drilling LLC says Buccaneer’s inability to pay for needed repairs to the oil rig stalled the project, costing it millions in unreimbursed expenses and the loss of a potentially lucrative contract as the rig’s operator. 

“By favoring wishful thinking over hard...
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