COSL to cut 230 jobs after dropped deal

March 14, 2016

COSL Drilling Europe will cut to some 230 jobs from its workforce, as a direct result of Norwegian giant Statoil terminating its contract for the COSLInnovator semisubmersible contract earlier this month.

The COSLInnovator, from COSL.

The 230 jobs will come from both offshore and onshore operations, COSL said.

“It is incredibly sad that so many skilled and loyal workers lose their jobs. Jørgen Arnesen, COSL Drilling Europe president and CEO said. “This is very bad news also for the company and the rest of the industry, who lose solid competence and talent. When the need arises again, we hope they find their way back again.”

In addition to the early termination of the COSLInnovator, Statoil also decided to temporarily suspend operations with the COSLPromoter, which was scheduled arrive at the Coast Center Base (CCB) this week.

COSL has decided not to layoff any employees that are connected to the COSLPromoter at this time.

Earlier this month when Statoil announced its plans to terminate the contracts, the Norwegian giant gave little explanation for its decision. COSL said at the time that it would seek legal action to protect its rights and interests if necessary.

“The conditions for terminating the contract signed with COSL Offshore Management have in our opinion been met, and we therefore choose to use our contractual right to terminate the contract,” Geir Tungesvik, Statoil’s senior vice president for drilling and well said earlier this month.

The COSLInnovator began its eight-year contract with Statoil on the Troll field in November 2012.

The COSLPromoter started work for Statoil in January 2013 under an eight-year contract with Statoil on Troll. 

The Troll field is considered to be the one of the largest on the Norwegian Continental Shelf, and lies in the northern part of the North Sea, some 65km west of Kollsnes, near Bergen, Norway.

Read more:

Statoil drops COSL rigs

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