Statoil cancels contract for COSL Pioneer drilling rig

Statoil ASA has canceled its contract for the COSL Pioneer drilling rig. The expiry date was August 2016.

Statoil ASA has canceled its contract for the COSL Pioneer drilling rig. The expiry date was August 2016.

COSL Pioneer has been suspended since Oct. 8, 2014 (OGJ Online, Dec. 5, 2014). Statoil says it hasn’t found alternative activity for the rig during the intervening period.

“We regret the need to have to cancel this contract and wish to emphasize that this is not due to how the rig has delivered,” explained Jon Arnt Jacobsen, Statoil senior vice-president, supply chain. “Cancellation is a consequence of overcapacity in the rig portfolio.”

Statoil also previously suspended the Scarabeo 5 and Songa Trym rigs, both of which have since been rescheduled for use.

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