Camac Energy chief executive Kase Lawal said the explorer had gained “a highly capable and efficient rig to execute on our transformational development and exploration program in 2014 and beyond”.
The New York-listed, Africa-focused explorer said it expected the rig to be delivered by the Oslo-listed rig contractor to its Oyo field in OML 120 off Nigeria in time to start drilling during the first half of the year.
The one-year rig charter, which follows a letter of intent signed last month, comes with a one-year extension option.
Northern said the contract value for the initial one-year term was roughly $100 million, excluding mobilisation fees.
The Energy Searcher is equipped to operate in water depths of up to 2500 feet and to drill to total depths of up to 25,000 feet.