Statoil cancels West Epsilon jack up contract

Statoil ASA has canceled the final phase of its contract with North Atlantic Drilling Ltd. for the West Epsilon jack up rig.

The rig has been on contract to Statoil since Dec. 29, 2010, performing operations for the Sleipner, Gudrun, and Huldra licenses in the Norwegian North Sea. It’s currently performing permanent well-plugging operations in Huldra field, with the work program being completed ahead of schedule.

The rig is expected to complete operations by mid-October and then be sent ashore for equipment demobilization. The contract, originally lasting until the end of December, will be cancelled after demobilization.

As result of the early termination, North Atlantic Drilling will receive a lump-sum payment of $11 million. The West Epsilon is now being marketed for new work.

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

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

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 ...