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Statoil Cancels COSL Pioneer Rig Contract

Rob Almeida
Comments Off on Statoil Cancels COSL Pioneer Rig Contract
cosl pioneer

Image: COSL

The waiting game is over for the crew of the Statoil-contracted semi-submersible drilling rig COSL Pioneer. Today, the Norwegian energy major has announced the canceling of the rig’s contract – a year earlier than planned.

Since 8 October 2014, the rig has been on standby, however Statoil has not managed to find alternative activity for the rig.

Jon Arnt Jacobsen, Statoil’s Supply Chain Senior Vice President commented on the announcement:
“We regret the need to have to cancel this contract and wish to emphasise that this is not due to how the rig has delivered.”

COSL Pioneer and its crew have demonstrated a good safety culture and delivered efficient drilling operations to Statoil. Cancellation is a consequence of overcapacity in the rig portfolio.”

At Flagship Management, there are opportunities for those of you caught in the middle of this economic downturn that has hit the offshore sector.  Please contact us at team@flagshipmgt.com and we’ll be happy to discuss available opportunities with our clients.

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