Drilling rig operator Northern Offshore reported Monday that it has signed a letter of intent with CAMAC International that will see its Energy Searcher (mid-water drillship) used offshore Nigeria.
Northern Offshore said that the deal commits the vessel to an initial contract period of one year, with an option to extend the contract for an additional one-year term. Drilling activities are expected to start on the Oyo Field during the first half of 2014.
The contract value for the first one-year term is approximately $100 million, excluding mobilization fees, according to the firm.
Northern Offshore CEO Gary W. Casswell commented in a company statement:
"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."
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