Statoil to suspend two new rigs due to overcapacity

Statoil has decided to suspend two new rigs due to overcapacity in the rig portfolio. Transocean Spitsbergen and Songa Trym will be suspended through 2014, a period which might be extended. The exploration programme in the Barents Sea for 2014 is nearing completion. After Transocean Spitsbergen has completed the Saturn well the rig will cut and retrieve a wellhead in the Mercury exploration well. The job is estimated to be finished in mid-November.