Northern Offshore Executes Letter of Intent for Energy Searcher Drillship
- Business & Finance
Northern Offshore, Ltd. announced that the company has executed a letter of intent with CAMAC International Limited, an affiliate of CAMAC Energy Inc., for the drillship Energy Searcher. The letter of intent, which is subject to customary conditions, provides for a subsidiary of Northern Offshore to work towards executing a definitive drilling contract on or before December 31, 2013.
Gary W. Casswell, Northern Offshore’s president and CEO, said “We are very pleased to work with CAMAC on their development and exploration program offshore Nigeria. This letter of intent allows Northern Offshore the opportunity to relocate the Energy Searcher into a new geographical jurisdiction with robust market potential for a new client. We look forward to a successful drilling program and building a longstanding relationship with CAMAC.”
The letter of intent commits to an initial contract period of one year, with an option to extend the contact for an additional one-year term. Commencement of drilling activities on the Oyo Field offshore Nigeria is expected during the first half of 2014. The contract value for the first one-year term is approximately US$100 million, excluding mobilization fees.
Press Release, December 09, 2013