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CAMAC Energy terminates Northern Offshore drilling rig contract

Staff writer ▼ | January 13, 2015
CAMAC Energy has terminated its contract with Northern Offshore International Drilling company for the drillship Energy Searcher.
CAMAC Energy
Oil industry   Oyo Field operations are now conducted by the Transocean
The company notified Northern on January 7, 2015 that it elected to terminate the contract with immediate effect for Northern's repudiatory breach of contract and other material breaches of the drilling contract by Northern.

These breaches have caused significant damages and loss, including delay damages and wasted spread costs to the company. CAMAC is considering all legal options to enforce its rights under the contract.

The company‘s Oyo Field drilling and completion operations are now being conducted by the Transocean Sedco Express semi-submersible drilling rig, which arrived on location in December, and production is still expected to be online by the end of Q1 2015.


 

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