Statoil has been forced to cancel a rig contract more than a year ahead of schedule.
The Norwegian operator confirmed it had released the COSL Pioneer from its contract 13 months before the original August 2016 deadline.
The firm credited an empty work backlog for the move.
Supply chain senior vice president, Jon Arnt Jacobsen, said: “We regret the need to have to cancel this contract and wish to emphasise that this is not due to how the rig has delivered.
“COSL Pioneer and its crew have demonstrated a good safety culture and delivered efficient drilling operations to Statoil. Cancellation is a consequence of overcapacity in the rig portfolio.”
The move follows a previous suspension for the rig.
Last, year Statoil was forced to cancel a rig contract at loss of $350million after disappointing results in Angola.