Northern Offshore Executes Letter of Intent for Energy Searcher Drillship

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

 

Share this article

Follow Subsea World News

Events>

<< Sep 2018 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

1ST NORWAY PUMPS & PIPES CONFERENCE

The primary goal is to bring together professionals from Energy and Medicine to transfer knowledge and share challenges…

read more >

RIO OIL & GAS 2018

The leading oil and gas event in Latin America is organized every two years by the Brazilian Petroleum, Gas and Biofuels Institute (IBP)…

read more >

Submarine Networks World 2018

In 2018, expect over 600 industry leaders from more than 300 organisations worldwide to gather once again in Singapore…

read more >

RPG 2018

Attending RPG 2018 will benefit international academics, researchers, engineers and consultants working in renewable energy…

read more >