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Statoil terminates COSL contracts

Statoil has announced that it has used its contractual right on behalf of the Troll licence, to terminate the contract with COSL Offshore Management for the chartering of semisubmersible COSL  Innovator.

“The conditions for terminating the contract signed with COSL Offshore Management have in our opinion been met, and we therefore choose to use our contractual right to terminate the contract,” said Geir Tungesvik, Statoil’s senior vice president for drilling and well.

In addition Statoil has decided to stop drilling operations with COSL Promoter to enable COSL to implement the necessary actions in order to fulfil the requirements of the contract.

Statoil said the contract terminations will not have an impact on long-term production on the Troll field.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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