Norwegian oil main Statoil has determined to terminate its contract for the constitution of the semi-submersible rig COSL Innovator, in addition to droop drilling operations with sister rig COSL Promoter.

Statoil mentioned the choice to terminate the contract for the COSL Innovator is a part of its contractual proper. The contract shall be terminated instantly and with no penalty. 

“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,” commented Geir Tungesvik, Statoil’s senior vice chairman for drilling and effectively.

Statoil introduced it’ll additionally droop drilling operations with the rig COSL Promoter when it’s secure to discontinue effectively operations so as to allow COSL to implement the mandatory actions so as to fulfill the necessities of the contract, in keeping with Statoil.

COSL says it strongly disagrees with Statoil’s determination on each contracts and that it’ll take authorized motion if essential.

The two drilling contracts are for operations within the Troll Field offshore Norway. COSL says the remaining phrases of two drilling contracts are 4 years and eight months, and 5 years and 1 month, respectively.