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COSL Pioneer. Image courtesey of Ole Jørgen Bratland/Statoil.

Norway’s Statoil will temporarily suspend operation of its COSL Pioneer rig for the fourth quarter of 2014 due to “overcapacity” in its rig portfolio.

The rig is currently carrying out work at the Visund field in offshore Norway that is scheduled to be complete at the end of September.

“After a careful review of our drilling plan, we find it necessary to suspend COSL Pioneer for the time being,” says rig procurement responsible Tore Aarreberg.

In July, Statoil also announced it will temporarily suspend the drilling rig Scarabeo 5.

Scarabeo 5 will be taken out of operation at the end of September and remain out of operation for the rest of 2014.

COSL Pioneer is contracted until 2016 and will be used for drilling and completion of production wells on the Norwegian continental shelf.

Statoil said the temporary suspension of COSL Pioneer will have no impact on its production targets or planned exploration activity on the Norwegian shelf.

The company still plans to drill a total of 20 to 25 wells on the Norwegian shelf during 2014.

Statoil operates about two thirds of all wells on the Norwegian continental shelf.