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Norwegian oil cos confirm contract cancellation with Russian oil producer

Norwegian oil cos confirm contract cancellation with Russian oil producer

OSLO: Several Norwegian companies now confirmed that their contracts with the Russian oil producer are being terminated. Among them are Siem Offshore, Rem Offshore and Viking Supply. The companies were all working closely with Rosneft in this year’s comprehensive drilling operation in the Kara Sea.

The terminated contracts follow the cold front in relations between Russia and EU and USA, and the sanction regime imposed on the Russian oil industry.

Rosneft will have to manage without the Norwegians in next year’s Arctic drilling and exploration campaign.

The Barents Observer writes that the contracts are terminated by Karamorneftegaz, a joint venture of Rosneft and ExxonMobil.

In a comment to Barents Observer, Siem Offshore CEO Terje Sorensen says that his company has good experiences from this year’s operations in the Kara Sea and that it is happy to consider further operations in the area.