Statoil terminating rig contract

By Vessels

Statoil has, on behalf of the Troll licence, decided to use its contractual right to terminate the contract with COSL Offshore Management AS for the chartering of the mobile rig COSL Innovator.

Statoil terminating rig contract

Drilling rig COSL Innovator Image: COSL

“The conditions for terminating the contract signed with COSL Offshore Management AS have in our opinion been met, and we therefore choose to use our contractual right to terminate the contract,” says Geir Tungesvik, Statoil’s senior vice president for drilling and well.

In addition Statoil has decided to stop drilling operation with the sister rig COSL Promoter when it is safe to discontinue well operations. This is done in order to enable COSL to implement the necessary actions in order to fulfil the requirements of the contract.

“The decision may have some short-term consequences for planned drilling activities, but will not have impacts on long-term production on the Troll field. The plans made by the licence for gas and fluid production from the oil zone remain firm”, said the Company in its press release yesterday.

Source: Statoil