Chief financial officer Atle Saebo, speaking at this week’s Swedbank Nordic Energy Summit in Oslo, said the 1983-built rig “is not part of our long-term asset future”.

The rig is currently working for Statoil off Norway under a long-term charter that expires in mid-2017, with a dayrate of $325,000, and Saebo said a one-year extension “will probably not be declared” as the state-owned client cuts overcapacity in its drilling portfolio.