Norwegian oil major Statoil said on Wednesday it will suspend a rig contract with Italy’s Saipem due to overcapacity in its rig portfolio.
The suspension of Saipem’s Scarabeo 5 rig will take effect from the middle of August, and will last until March 1 next year, Statoil said in a statement.
“We regret the need to suspend Scarabeo 5, but we will do our utmost to resume our drilling operations earlier than planned at the time of suspending the rig,” it said.
