Statoil said today that an oil rig project under development with Aker Solutions has overshot its budget and target weight.
The Category B rig, which aims to improve recovery rates from oilfields, has run into design problems, raising questions about the project’s viability.
Aker Solutions shares have fallen over 20% over the past three months on concerns over the Cat B project and lower-than-expected profits.
Oeystein Michelsen, Statoil’s head of development and production for Norway, said: “The starting point was that it should be a light rig and it has now become very big and heavy. The cost has also become much greater.”
He added: “It’s both a technological and business challenge … and has become more demanding and complex than we initially expected.”
Statoil last year awarded a $1.9-billion contract to Aker Solutions for use of the rig and other equipment, which was originally scheduled to go into operation in the second half of 2015.
It was unclear when the project could be completed said another Statoil executive.
“We have not set a deadline for this,” said Margareth Oevrum, head of technology, projects and drilling at Statoil.
“We had wished to do this as quickly as possible but we must solve technical issues first.”
The semi-submersible rig is intended to operate all year around, providing heavy well intervention and light drilling services in waters at depths of up to 1,640 feet (500m).
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