The Norwegian state-controlled player said it has let the COSL Pioneer go 13 months early due to overcapacity in its drilling fleet.
"We regret the need to have to cancel this contract and wish to emphasise that this is not due to how the rig has delivered,” Statoil's supply chain senior vice president, Jon Arnt Jacobsen, said.
"COSL Pioneer and its crew have demonstrated a good safety culture and delivered efficient drilling operations to Statoil."
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