Statoil cancels rig contract with Seadrill

Norwegian oil explorer Statoil cancelled its rig contract with Seadrill after postponing work at its Aasta Hansteen field in the Norwegian Sea.

Seadrill’s drillship West Hercules was contracted for an assignment with Statoil’s Aasta oilfield commencing 1 July 2016, but the company took a decision to postpone drilling operations by one year to 2018.

Seadrill would receive a lump-sum payment of around $61m, plus dayrate and reimbursement of costs associated with demobilization of the rig.

On contract with Statoil since 31 January 2013, the rig had carried out an exploration campaign offshore Newfoundland in Canada for the past 18 months. The contract for West Hercules was originally due to expire on 31 January 2017.

Source: MarketWatch

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