Norway's Statoil said Wednesday it has signed new contracts for the hire of two rigs on the Norwegian continental shelf at lower rates than it has paid in recent years. The contracts are with US-based Diamond Offshore for the Ocean Vanguard and Italy's Saipem for the Scarabeo-5. "In December last year, we announced that we expected the market to revert to the lower 2006 level and now it has responded to our expectations. We are pleased to have gained more reasonably priced rig capacity so that we can further develop the shelf," Statoil Senior Vice President for Procurement Anders Opedal said.
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