Statoil terminates contract for COSL semisubmersible

STAVANGER, Norway -- Statoil has, on behalf of the Troll license, decided to exercise its contractual right to terminate the contract with COSL Offshore Management for the chartering of the COSLInnovator semisubmersible.

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, said Geir Tungesvik, Sr. V.P. for drilling and well, Statoil.

In addition, Statoil has decided to stop drilling operations with the sister rig, COSLPromoter, when it is safe to discontinue well operations. This will enable COSL to implement the necessary actions in order to fulfil the requirements of the contract.

The decision may have some short-term consequences for planned drilling activities, but will not impact long-term production on Troll field. The plans made by the license for gas and fluid production from the oil zone remain firm.