STATOIL has paid China Oilfield Services Limited (COSL) US$65 million to settle a dispute related to stand-by fees of two semi-submersible platforms.

The Norway-based subsidiary of COSL, COSL Offshore Management had filed a lawsuit against Statoil Petroleum in 2013 regarding the fees, stemming from the installation of third-party equipment.

The lawsuit, filed in the Stavanger District Court in Norway, claimed a sum of about RMB 924 million equivalent overdue interest, COSL said.

The settlement sum, which COSL Offshore Management said was roughly equal to RMB 404 million, released both parties from the disputes.

“After taking into account the ongoing business relationship between the two companies, also considering potential litigation costs, and uncertainties and risks of the final outcome, COSL has agreed to the terms of settlement,” the company said, undertaking to withdraw the lawsuit.

“The settlement sum will be recognised as revenue for the current period.”