Northern Offshore executes letter of intent for drillship

Northern Offshore Ltd.

Northern Offshore Ltd. (Oslo Bors: NOF.OL) has executed a letter of intent with CAMAC International Ltd., an affiliate of CAMAC Energy Inc. (NYSE MKT: CAK), for the drillship Energy Searcher. The letter of intent provides for a subsidiary of Northern Offshore to work toward executing a definitive drilling contract on or before Dec. 31.

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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...