Statoil cancels rig contract

Offshore staff

STAVANGER, Norway - Statoil will cancel its contract with COSL Pioneer some 13 months before the expiry date of August 2016.

In September 2014, the Norwegian national suspended the semisubmersible due to over-activity in its rig portfolio.

Statoil said in this most recent announcement that it had not managed to find alternative activity for the rig during the intervening period.

News of the COSL Pioneer suspension came after Statoil announced in July 2014 that Saipem’s Scarabeo 5 would be temporarily suspended and taken out of operations at the end of September 2014.  

COSL Pioneer, along with Scarabeo 5, was working on the Norwegian continental shelf. Statoil said in September that the rig suspensions would not impact the company’s production targets or planned exploration activity on the Norwegian shelf. According to COSL Drilling Europe, the 2010-build COSL Pioneer was designed to operate in water depths up to 750 m (2,460 ft). It went to work for Statoil in August 2011 after it was delivered to COSL from China’s Yantai Raffles Shipyard in November 2010.

06/24/2015

(Photo courtesy COSL Drilling Europe)

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...