(OFFSHORENO) Statoil has decided to cancel the contract with COSL Pioneer.

It happens about 13 months before the contract expires in August 2016 and after the rig has been docked in anticipation of more jobs in a long time.

Declined in wages to save jobs
COSL Pioneer has been suspended since 8 October 2014 and was supposed to return to work for Statoil from 1 August.

As a consequence of the rig remained long the quays, went the employees on the rig on to lose wages. They voted to go down 10 percent, so 100 saved jobs while the rig was at CCB. 93 percent of the 700 employees were involved in this measure.

Overcapacity on rig
Statoil now report that they have not succeeded in completing the period after August 1st with activities for the rig.

We regret that we must cancel this contract and want to emphasize that this was not due to deliveries to the rig, says Jon Arnt Jacobsen, chief procurement.

COSL Pioneer and crew have had a good safety culture and delivered efficient drilling operations for Statoil. The cancellation is a consequence of overcapacity for the fleet, he said.

The case is updated!

Source: Offshoreno