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Share Price:
510.40
Bid:
509.40
Ask:
509.50
Change:
-5.40 (-1.05%)
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0.10 (0.02%)
Open:
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Don't have an account? Click here to register.Statoil Moves To End Contracts For US Gulf Drilling--Spokesman
Tue, 15th Jun 2010 19:57
By Brian Baskin Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Statoil A/S (STO, STL.OS) is moving to suspend its contracts for two drilling rigs in the Gulf of Mexico, citing the U.S. moratorium on offshore drilling. The Norwegian oil company is invoking a force-majeure clause in its contracts with Transocean Inc. (RIG) and Maersk Drilling. The clause allows for an early end to a contract if outside factors beyond the companies' control prevents the rig from operating. Anadarko Petroleum Corp. (APC) and Cobalt International Energy Inc. (CIE) had previously declared force majeure on three rigs. President Barack Obama on May 27 announced a six-month moratorium on offshore drilling, as criticism of the industry swelled in the weeks after a rig drilling a well for BP PLC (BP, BP.LN) caught fire and sank off the coast of Louisiana. The well has gushed oil into the Gulf of Mexico ever since. In the Gulf of Mexico, the moratorium has idled more than 30 rigs operating in deeper water. "The moratorium has created a very challenging situation for all parties involved in [Gulf of Mexico] deep water drilling, with considerable cost exposure as well as many operational, legal and other challenges facing rig operators, partners, suppliers and contractors," said Ola Morten Aanestad, a Statoil spokesman, in an email. Aanestad said Statoil intends to resume drilling in the Gulf of Mexico when the moratorium is lifted, and "will continue to explore routes and evaluate options that could minimize the impact for all parties involved." The rig operators have yet to respond to Statoil's notice, though another driller, Noble Corp. (NE), has disputed Anadarko's invoking of force majeure on one of its rigs. Typically, a company declaring force majeure pays close to the full amount of the rig's lease for several weeks. Statoil has a contract for Transocean's Discoverer Americas through October 2013 at a rate of $482,000 a day, according to the driller's website. Maersk's rig is also leased through October 2013. -By Brian Baskin, Dow Jones Newswires; 212-416-2453; brian.baskin@dowjones.com (END) Dow Jones Newswires June 15, 2010 14:57 ET (18:57 GMT)
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