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The Osberg Field. Image courtesy of Harald Pettersen/Statoil.

Norway’s Statoil said Thursday it will suspend two more rigs operating in the North Sea as part of a larger effort to curb costs.

The company will suspend the Transocean Spitsbergen and Songa Trym for the rest of the year due to “overcapacity in the rig portfolio.”

The suspension periods can be extended.

The Transocean Spitsbergen is currently working in the Barents Sea as part of a Statoil exploration program.

After the rig completes the Saturn well it will cut and retrieve a wellhead in the Mercury exploration well.

The job is expected to be finished during the middle of November, afterwards the rig will be suspended to the end of the year.

“The suspension is a result of overcapacity in Statoil’s rig portfolio, and unsuccessful attempts to mature alternative assignments for the rig,” Statoil said.

Transocean Spitsbergen is planning a yard stay from January 1, 2015 although Statoil did not specify how long that stay will be.

The rig is under contract to Statoil until the start of the third quarter of 2015.

Songa Trym is currently working at the Osberg field in the North Sea and will be suspended once it finishes plugging a well at the site.

The job is scheduled to be completed in mid-November.

“We have tried to find new assignments for the rig, but our attempts to realize the identified options have not been successful. We are now together with our partners maturing identified drilling assignments for both rigs for 2015,” Statoil’s chief procurement officer Jon Arnt Jacobsen said.

The new suspensions brings the number of suspended Statoil rigs this year to four.

The company will now have 15 rigs active on the Norwegian Continental Shelf.