Termination of Island Innovator Oil Rig Contract in Equatorial Guinea Due to Safety Concerns

Trident Energy, Panoro Energy, and Kosmos Energy have terminated the contract for the Island Innovator Semi-submersible oil rig off the coast of Equatorial Guinea due to alleged safety concerns. The joint venture began a drilling campaign on Block G in January and was also scheduled to move to Block S to drill the Akeng Deep ILX exploration well. However, Panoro issued a statement on February 9th announcing the termination of the contract, citing operational inability to drill safely.

According to Equatorial Guinea’s Ministry of Mines and Hydrocarbons, the blowout preventer on the rig exhibited serious problems and did not respond to control commands, posing the risk of a serious accident or uncontrolled release of oil or gas. Panoro’s CEO, John Hamilton, emphasized the importance of safety and stated that the joint venture will not compromise on it.

Island Drilling CEO Roger Simmenes defended the rig’s safety record, stating that there have been no critical safety incidents. He also emphasized that the blowout preventer was tested and declared safe. The joint venture is currently evaluating alternative options to safely restart and complete the drilling campaign, potentially in the second quarter.

Trident Energy and its partners have terminated the contract for the Island Innovator Semi-submersible oil rig off Equatorial Guinea’s coast due to alleged safety concerns. The joint venture began a drilling campaign on Block G in January and was scheduled to move to Block S for an exploration well. However, the rig owner, Island Drilling, denies the safety concerns. The blowout preventer on the rig exhibited problems, according to Equatorial Guinea’s Ministry of Mines and Hydrocarbons, leading to the termination of the contract by Panoro Energy. Island Drilling CEO Roger Simmenes defended the rig’s safety record and stated that legal action might be taken to challenge the contract termination.

The joint venture is currently assessing alternative options to restart and complete the drilling campaign safely, possibly in the second quarter. The importance of safety has been emphasized by Panoro CEO John Hamilton, while Island Drilling CEO Roger Simmenes reiterated their commitment to safety.

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