Statoil to cancel rig contract

Statoil has made the decision to cancel the contract with Songa Trym, four months earlier than originally intended, and before the expiration of contract on 4 March 2016.

Statoil has previously notified Songa Offshore that the rig would be suspended for a period, and Statoil has attempted to find other assignments for the rig following the suspension period and up to the expiration of contract.

“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 realise 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,” says Tore Aarreberg, head of rig procurements in Statoil.

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/02112015/cancelling-rig-contract/