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Statoil likely to pay Chinese firm nearly $500 million following court ruling

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Norway-based energy company Statoil A.S.A is likely to pay China Oilfield Services Ltd.'s unit up to 4 billion Norwegian krone ($494 million) following a ruling by the Oslo District Court related to contract termination, Energy Voice reported citing media sources. The court ordered Statoil to pay COSL Offshore Management A.S. for cancelling their contract following a fatal accident on a rig in 2015.

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