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Statoil Cancels Contract for COSL Pioneer
Norwegian oil major Statoil says it has terminated its contract with the COSL Pioneer semi-submersible drilling rig some 13 months before the expiry date. In a statement, Statoil said COSL Pioneer has been suspended since 8 October 2014 and Statoil has not managed to find alternative activity for the rig. Statoil said in September that the COSL Pioneer would be laid up due to overcapacity in the company’s rig portfolio, mainly due to falling oil prices. At the time, the rig was carrying out an assignment on the Visund field in the Norwegian North Sea.
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