Statoil extending rig suspensions
Due to overcapacity in the rig portfolio the suspension periods for COSL Pioneer, Scarabeo 5 and Songa Trym have been extended.The suspensions are also a result of the failed attempts to mature alternative tasks for the rigs. “When the rig contracts were signed it was challenging to ensure sufficient rig capacity. Today the activity is facing lower margins, a generally high cost level and subsequent lower profitability.