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Statoil signs $183 million rig deal

Agreement with Schlumberger covers offshore Norwegian operations.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   Aug. 8, 2014 at 9:19 AM
http://cdnph.upi.com/sv/em/upi/UPI-3191407502210/2014/1/ac13aa81daabaf2ece3042f0a9a91275/Statoil-signs-183-million-rig-deal.jpg
STAVANGER, Norway, Aug. 8 (UPI) -- Norwegian energy company Statoil said Friday it signed a $183 million contract with oil services company Schlumberger for offshore operations.

Statoil awarded contracts to the Norwegian subsidiary of Schlumberger for the Norwegian continental shelf fields Gullfaks, Gullfaks satellites, Snorre, Statfjord, Tordis/Vigdis and Visund.

Statoil said the contract extends for two years and could support as many as 350 jobs.

"[The contract] contributes to Statoil's focus area of safe and efficient drilling," Geir Tungesvik, senior vice president for drilling operations, said in a statement.

Statoil in July said net operating income for second quarter 2014 was down nearly 7 percent to $5.1 billion year-on-year.

In terms of production, the company said it put out about 1.8 billion barrels of oil equivalent during the second quarter, a 9 percent decrease from the same time last year.

Norway is the second-largest supplier of natural gas to Europe after Russia. Nearly three-quarters of the oil it produces is exported to European countries.

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