Norwegian oil company Statoil has terminated a contract for one COSL rig and suspended another one.
Statoil has on behalf of the Troll licence, located in the North Sea offshore Norway, decided to use its contractual right to terminate the contract with COSL Offshore Management for the chartering of the rig COSLInnovator.
“The conditions for terminating the contract signed with COSL Offshore Management AS have in our opinion been met, and we therefore choose to use our contractual right to terminate the contract,” says Geir Tungesvik, Statoil’s senior vice president for drilling and well.
In addition, Statoil has decided to stop drilling operation with the sister rig COSLPromoter when it is safe to discontinue well operations. This is done in order to enable COSL to implement the necessary actions in order to fulfil the requirements of the contract, Statoil explained.
The decision may have some short-term consequences for planned drilling activities, but will not have impacts on long-term production on the Troll field in the North Sea, the company noted. The plans made by the licence for gas and fluid production from the oil zone remain firm, Statoil concluded.