Statoil cancels rig contract
Statoil will cancel its contract with COSL Pioneer some 13 months before the expiry date of August 2016.
In September 2014, the Norwegian nationalsuspended 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 theCOSL 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 Pioneerwas 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.