Proceeds from the sale and an estimated $8 million in capital expenditures originally intended for Thailand, will be used to accelerate Endeavour's North Sea drilling activity in 2005.
The Houston-based company has already entered into an agreement for an offshore rig to drill two exploratory wells in the UK sector of the North Sea.
The rig commitment guarantees the use of a semi-submersible owned by GlobalSantaFe.
