Statoil: Semi-sub Transocean Spitsbergen suspended

Statoil has decided to suspend two rigs due to overcapacity in the rig portfolio. Transocean Spitsbergen and Songa Trym will be suspended through 2014, a period which might be extended.

Songa Offshore has reported today that Statoil will suspend Songa Trym contract after the current well at the Oseberg field in the North Sea.

Statoil says that the exploration programme in the Barents Sea for 2014 is nearing completion. After Transocean Spitsbergen has completed the Saturn well the rig will cut and retrieve a wellhead in the Mercury exploration well. The job is estimated to be finished in mid-November.

Subsequently the rig will be suspended to the end of the year. The suspension is a result of overcapacity in Statoil’s rig portfolio, and unsuccessful attempts to mature alternative assignments for the rig.

“The exploration programme has been highly efficient. Transocean Spitsbergen drilled the last seven wells 40 percent faster than the industrial average in the Barents Sea. This allowed two more wells than originally planned to be drilled. We are very pleased with the work performed for us by Transocean. Unfortunately, we are now in a situation of overcapacity, at the same time as the industry is facing high costs and lower profitability,” says Statoil’s chief procurement officer Jon Arnt Jacobsen.

Transocean Spitsbergen is planning a yard stay from 1 January 2015. The rig is under contract to Statoil to the start of 3Q 2015.

After the two rigs are suspended Statoil will have 15 rigs in activity on the Norwegian continental shelf.

Transocean Spitsbergen is a semi-submersible drilling rig, type Aker H-6e. The rig was completed at Aker Solutions’ yard at Stord in 2009, and it is registered in the Bahamas. The rig was classified by DNV.

The rig received Acknowledgement  of Compliance (AoC) in October 2012.

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