Rosneft has cancelled a contract with North Atlantic Drilling (NADL) for the use of a jack-up drilling rig.
The Energy Endeavor was due to work in Russian Arctic waters as part of a multi-rig contract commencing in the 2015 summer drilling season.
Chief executive Gary Casswell said: “While not unexpected, we are disappointed by this development but will nevertheless continue to pursue future opportunities in this region by leveraging our previous experience drilling in the Russian Artic.”
Earlier this month, Rosneft said its net profit for 2014 was $5.7billion – a 10& increase year-on-year – caused by current economic conditions.
Last year, the company’s net debt was at $43.8billion, down from $57.4billion at the end of 2013.
Rosneft previously asked for more than 2 trillion rubles from the National Wealth Fund, one of two Russian funds, to finance some of its prospects.
In February the Russian Energy minister Alexander Novak said Rosneft may get 300billion rubles from the fund to finance five projects in both downstream and upstream.