Statoil has opted to terminate long-term charter agreements for a pair of rigs with COSL Offshore Management, including the semisubmersible COSL Innovator.

In June 2012, the company was granted consent by the Petroleum Safety Authority (PSA) in Norway to drill on the Troll natural gas and oil field in the North Sea using the mobile drilling facility COSL Innovator.

Statoil drilling and well senior vice-president Geir Tungesvik said: "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."

"The conditions for terminating the contract signed with COSL Offshore Management have in our opinion been met."

The company has also decided to halt drilling operation with the sister rig COSL Promoter when it is safe to discontinue well operations.

Statoil took the decision to enable the operator COSL to take action required to fulfil the contract. It said that its latest decision will not have any impact on long-term production on the Troll field.

In December 2015, the rig COSL Innovator was involved in a fatal accident after a huge wave broke one its windows.

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The incident occurred during a storm in the North Sea and killed one person, as well as seriously injuring two others. PSA is currently investigating the cause.

Troll holds 40% of Norway’s gas and also has significant quantities of oil, in thin zones under the gas cap, to the west of the field.

The field comprises the main Troll East and Troll West structures in blocks 31/2, 31/3, 31/5 and 31/6, about 65km west of Kollsnes, near Bergen.

Image: The semisubmersible rig COSL Innovator. Photo: © Statoil.