Statoil: Rig contract cancelled

Statoil: Rig contract cancelled

Statoil: Rig contract cancelled

The FINANCIAL -- Statoil has decided to cancel the contract with COSL Pioneer some 13 months before the expiry date of August 2016.

COSL Pioneer has been suspended since 8 October 2014 and Statoil has not managed to find alternative activity for the rig during the intervening period, according to Statoil.

“We regret the need to have to cancel this contract and wish to emphasise that this is not due to how the rig has delivered,” says supply chain senior vice president, Jon Arnt Jacobsen.

“COSL Pioneer and its crew have demonstrated a good safety culture and delivered efficient drilling operations to Statoil. Cancellation is a consequence of overcapacity in the rig portfolio.”