Statoil Cancels Songa Trym Contract Prematurely

Statoil announced Monday that it has decided to cancel its Songa Trym (mid-water semisub) contract, four months before the March 4, 2016 expiration date.

The energy firm had previously notified Songa Offshore that the rig would be suspended for a period and attempted to find other assignments for the construction after the suspension period, up to the expiration of contract, although no further activity was found for the drilling rig.

Tore Aarreberg, head of rig procurements at Statoil, commented in a company statement:

“We informed the supplier earlier in October about suspending the contract after the rig has completed the drilling operation on the Tavros well on the Visund field. Statoil has hoped for further activity in the remaining contract period, but we now realize that we must cancel the contract, as we have not succeeded in finding more assignments. We regret that we need to cancel the contract before it expires.” 

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