Statoil to pay large fine in rig dispute

Statoil did not have the right to terminate a drilling rig contract prematurely, a court has ruled. Now the Norwegian oil major must pay a large fine to the Chinese company, reports Dagens Næringsliv.

Photo: COSL

Statoil must pay close to NOK 4 billion (493 million) in damages to rig company COSL, ruled the Oslo District Court on Tuesday, according to Norwegian business daily Dagens Næringsliv.

The case concerns the rig COSL Innovator, for which Statoil terminated its contract after an accident on the rig resulted in the death of an employee back in 2015.

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