Statoil Cancels Drilling Contracts for COSLInnovator & COSLPromoter

China Oilfield Services Limited's (COSL) Norwegian subsidiary COSL Drilling Europe AS (CDE) has received a notice from Statoil Petroleum AS (Statoil) on March 4 to terminate two drilling contracts with immediate effect, the firm said in a filing on Hong Kong Exchanges and Clearing Limited Sunday.

"In the notification, Statoil claimed that conditions for terminating the drilling contract numbered 2001150 have been met, and therefore it has been terminated with immediate effect with no rate, COSL said.

Statoil also indicated that the drilling contract numbered 2001151 will be suspended with no rate when it is safe to discontinue well operation, saying that the purpose of suspension was to enable CDE to implement the necessary actions to fulfil the requirements of the drilling contract.

"The two drilling contracts are performed in the Troll Field of Norway by two drilling rigs owned by CDE, being COSLInnovator (mid-water semisub) and COSLPromoter (mid-water semisub)" and the balance of the two contracts has a duration of 4 years and 8 months, and 5 years and 1 month, respectively, COSL said.

As its operational results will be materially affected by the Norwegian company's contract terminations, COSL "strongly disagrees with the decision of Statoil and will make active communication with Statoil to solve differences. If necessary, legal actions will be taken to protect interests of the Company."

Statoil reported a fatality and two injured workers on the COSLInnovator after stormy weather affected work on several oilfields in the North Sea on the last two days of December 2015 when a breaking wave hit the rig, prompting a platform evacuation. The semisub was then working on the Troll field in the Norwegian Noth Sea, west of Bergen.

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