North Sea drillers out in the cold as Statoil cuts rig contracts

Oslo

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 cancelling 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.