Statoil Ordered To Pay COSL For Cancelled Rig Contract Following Fatal Accident

Statoil (NYSE: STO) will have to pay an undisclosed sum to China’s Oilfield Services Ltd. (COSL) for cancelling a contract for a COSL Innovator drilling rig after a fatal accident two years ago, a Norway court ruled on May 15.

One person died and several were injured when a big wave hit the rig on Dec. 30, 2015, when it had been drilling at the Statoil-operated Troll field offshore Norway.