COSL Drilling Europe is facing a tough decision after Statoil said it would cancel the contract for the COSL Pioneer semi-submersible drilling rig in Norway, citing overcapacity and a lack of work.

“This is the heaviest day in our company’s relatively short history. With this cancellation, we come to a point where we have to make a powerful downsizing both onshore and offshore,” said Jørgen Arnesen, CEO of COSL Drilling Europe said in a statement, Norwegian news website Sysla has reported.

According to Sysla, COSL will now be forced to lay off 209 offshore workers and 20 employees onshore. In addition, some employees will be offered other positions within the company.

Source: www.offshoreenergytoday.com

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