Statoil Cancels China Oilfield Services Rig Contract
OSLO, June 24 (Reuters) - Oil major Statoil has cancelled a rig contract with China Oilfield Services some 13 months ahead of the expiry date, the Norwegian company said, blaming overcapacity in its rig portfolio.
Statoil suspended its use of the COSL Pioneer last October after cutbacks in the firm's investment plans following a sharp drop in crude prices.
"Statoil has not managed to find alternative activity for the rig," it said on Wednesday.
(Reporting by Terje Solsvik)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 1 Offshore Rigs
- Statoil May Build Onshore Terminal for Castberg Oil -Minister (Jan 16)
- Canadian Offshore Oil Interest Grows As Pipeline Woes Sink Alberta Prices (Dec 20)
- Sharp Fall In Applications For Norway's Arctic Oil Permits (Dec 05)
Company: China Oilfield Services Ltd (COSL) more info
- China's COSL Completes 3D Seismic Ops in North Barents Sea (Aug 10)
- COSL Completes its First Exploration Assignment in the Far East (Aug 08)
- COSL Appoints Qi Meisheng as CEO and President, Replaces Li Yong (Jun 16)