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Tuesday, January 13, 2015
CAMAC Energy Inc. terminated its contract with Northern Offshore International Drilling Co. Ltd. for the drillship Energy Searcher.It notified Northern on January 7that it had elected to terminate the contract with immediate effect for Northern’s “repudiatory breach of contract,” as well as other material breaches of the drilling contract by Northern.
CAMAC said that the breaches of contract 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 Transocean’s 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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