Statoil cancelled the contracts with China Oilfield Services Limited Unexpectedly

On March 6, Statoil announced the termination and suspension of two contracts with China Oilfield Services Limited (referred to as “COSL” in the following) respectively. In an interview letter replied to “Global Times” on Monday, Statoil declared that one of the operation made by COSL didn’t meet the term of contract. Although the two companies are making further communication, it is still inconvenient to share more detail as the constraint of confidential contract.

On March 6, COSL announced that COSL Drilling Europe AS(CDE) which was the branch company of COSL received a notice of Statoil on Friday. Statoil declared that termination condition of one operation had met with the remaining valid period of four years and eight months. In addition, another operation of safe interruptible drilling was suspended with the remaining valid period of five years and one month. Termination of the contract will bring significant adverse effect on the operation performance of the company. COSL didn’t agree with the decision and would communicate actively to solve their differences. If necessary, COSL would take legal action to protect the interest of company.

One spokesman of Statoil said that the decision of terminating the contract was not related with casualty accident. Instead, he just pointed that “COSL Innovator” didn’t meet the provision of contract roughly. The spokesman said that the decision of two contracts would just bring short-term impact on drilling oil and would not affect the long-term production. In addition, “COSL Promoter”, another drilling platform which was suspended could only be operated again after the rectification.

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