Statoil’s Tailored Oil Rigs to Help Curb Rising Fees, Lobby Says

Statoil ASA’s plans to use oil rigs tailor-made for its operations in Norway will help curb rising hire costs, according to an industry group.

“Statoil has taken the initiative to build its own rigs, and that will improve availability,” Gro Braekken, director-general of Norwegian Oil & Gas, said today in an interview. “This is an adjustment of supply and demand. When it gets too expensive, the companies will intervene.”