Statoil continues offshore Norway drilling slowdown

Offshore staff

STAVANGER, Norway – Statoil has extended the suspension periods for three of its contracted rigs offshore Norway due to continued overcapacity.

Procurement head Jon Arnt Jacobsen says that even when the company signed contracts for the COSL Pioneer, Scarabeo 5, and Songa Trym, “it was challenging to ensure sufficient rig capacity. Today the activity is facing lower margins, a generally high-cost level, and subsequent lower profitability. It is therefore more demanding to mature profitable drilling targets.”

COSL Pioneer will now be suspended until July 2015, while Scarabeo 5’s suspension will stay in place until mid-February. Songa Trym will not be required until mid-January.

12/05/2014

COSL Pioneer
(Photo courtesy Ole Jørgen Bratland/Statoil)

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