Statoil Cancels Contract for COSL Pioneer

COSL Pioneer. Photo: COSL Drilling Europe
COSL Pioneer. Photo: COSL Drilling Europe

 

Norwegian oil major Statoil says it has terminated its contract with the COSL Pioneer semi-submersible drilling rig some 13 months before the expiry date.

In a statement, Statoil said COSL Pioneer has been suspended since 8 October 2014 and Statoil has not managed to find alternative activity for the rig.

Statoil said in September that the COSL Pioneer would be laid up due to overcapacity in the company’s rig portfolio, mainly due to falling oil prices. At the time, the rig was carrying out an assignment on the Visund field in the Norwegian North Sea.

The rig was one of three contracted from COSL Drilling Europe, a subsidiary of China Oilfield Services Limited (COSL). The contract for the COSL Pioneer was set to expire in August 2016.

“We regret the need to have to cancel this contract and wish to emphasize that this is not due to how the rig has delivered,” says supply chain senior vice president, Jon Arnt Jacobsen.

“COSL Pioneer and its crew have demonstrated a good safety culture and delivered efficient drilling operations to Statoil. Cancellation is a consequence of overcapacity in the rig portfolio.”