Rig ‘Graveyard’ Looms as Statoil Cuts North Sea Drillers Loose
- Statoil has scrapped 4 years worth of drilling since 2014
- Contract drought will push up to 20 rigs to scrapyard: Nordea
Oil Market Enters Peak Season: Here's What to Watch
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The pressure is building on North Sea drillers starved of contracts as Statoil ASA deepens cuts in investment to cope with a collapse in crude prices.
In less than 18 months, Norway’s biggest oil company has scrapped four years worth of drilling by canceling or suspending rig contracts, according to Bloomberg calculations based on Statoil statements. That includes Monday’s cancellation of a Songa Offshore rig four months early.