Statoil cancels contract for COSL Pioneer: "Statoil has decided to cancel its contract for the COSL Pioneer some 13 months before the expiry date of August 2016, Statoil announced Wednesday. Statoil has canceled its contract for the COSL Pioneer. Image: COSL. COSL Pioneer has been suspended since Oct. 8, 2014, and Statoil has not managed to find alternative activity for the rig during the intervening period. “We regret the need to have to cancel this contract and wish to emphasize that this is not due to how the rig has delivered,” said supply chain senior V.P., Jon Arnt Jacobsen. “COSL Pioneer and its crew have demonstrated a good safety culture and delivered efficient drilling operations to Statoil. Cancellation is a consequence of overcapacity in the rig portfolio.”"
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