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.

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