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Statoil cancels China Oilfield Services rig contract

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By Shoaib Ur Rehman
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imageOSLO: Oil major Statoil has cancelled a rig contract with China Oilfield Services some 13 months ahead of the expiry date, the Norwegian company said, blaming overcapacity in its rig portfolio.

Statoil suspended its use of the COSL Pioneer last October after cutbacks in the firm's investment plans following a sharp drop in crude prices.

"Statoil has not managed to find alternative activity for the rig," it said on Wednesday.

Copyright Reuters, 2015

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