Statoil has canceled the contract with Seadrill for use West Hercules.
Seadrill receives 500 million plus day rates and expenses related to the demobilization of the rig.
Our original plan was to use the West Hercules drilling on Aasta Hansteen field in the Norwegian Sea, but the development is postponed from 2017 to the second half 2018 and hence Statoil start rig contract with a clean slate.
the rig has been contracted by Statoil since 31 January 2013, and has the last eighteen months conducted an exploration campaign offshore Newfoundland, Canada.
the original plan was that the Aasta Hansteen license should take over the rig second quarter 2016 for a drilling campaign that should start around July 1, 2016.
starting the Aasta Hansteen field was autumn 2015 postponed by one year, until the second half of 2018, therefore, be postponed now also drilling program in the field. This is done because it is not desirable to have wells completed early in relation to the commencement of production.
The contract with West Hercules was originally to 31 January 2017.
More on the rig market in this podcast:
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