The letter of intent could see the drillship contracted to Camac for an initial one-year period, with an option to extend for a further year.
Northern said the contract value for the initial one-year term was roughly $100 million, excluding mobilisation fees.
Camac will use the drillship to carry out drilling operations on the Oyo field, off the coast of Nigeria, where its next drilling campaign is currently scheduled to start during the first half of next year.
“We are very pleased to work with Camac on their development and exploration programme offshore Nigeria,” Northern chief executive Gary W Casswell said.
“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.”
The vessel had previously been used this year in South East Asia and is currently in Singapore according to marine traffic data.