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Miller Energy Resources, Inc. (MILL) Reports on New Drilling Rig for Alaska Operations

Miller Energy Resources, Inc. announced that a new drilling rig the company had under order has been completed and will be soon be delivered to the company’s properties in Alaska.

Drilling Rig 35, which was built by Voorhees Equipment and Consulting Inc., is designed for both onshore and offshore drilling activity. Miller Energy Resources said that the drilling rig will be set up at the Osprey platform located in the Cook Inlet area of Alaska.

The 2,000 horsepower drilling rig cost Miller Energy Resources $19.5 million. The company recently made a final payment of $5.77 million to Voorhees Equipment and Consulting Inc. using a line of credit arranged with Guggenheim Corporate Funding, LLC.

Miller Energy Resources reported that delivery of the rig may take as long as four weeks, and will be delivered by truck from Houston to Seattle, Washington, and then loaded onto ships for transport to Anchorage, Alaska.

Once the rig is offloaded, Miller Energy Resources will truck the rig the final 150 miles to the Cook Inlet. After the rig arrives at the final destination, it will take approximately 60 days to assemble the unit.

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