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4 March 2016: Statoil terminates oil rig contract

4 March 2016

Statoil has, on behalf of the Troll licence, decided to use its contractual right to terminate the contract with COSL Offshore Management AS for the chartering of the mobile rig COSLInnovator.

In addition Statoil has decided to stop drilling operation with the sister rig COSLPromoter when it is safe to discontinue well operations. This is done in order to 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 have impacts on long-term production on the Troll field. The plans made by the licence for gas and fluid production from the oil zone remain firm.