On May 23, Statoil ASA (NYSE: STO) said that it canceled its contract with Seadrill for the West Hercules drilling rig that has carried out exploration offshore Newfoundland for the past 18 months.
The rig had been contracted to Statoil since Jan. 31, 2013, and its contract was set to expire Jan. 31, 2017.
According to the Stavanger, Norway-based company, under an original plan, the Aasta Hansteen license was supposed to take over the rig in 2016’s second quarter, for a drilling campaign that is scheduled to begin on July 1.
In the autumn of 2015, the Aasta Hansteen Field’s startup was postponed one year, until the last half of 2018, effectively postponing the field’s drilling program. Statoil said that wells should not be completed too much in advance of production startup.
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