Statoil ASA (STO)

[eFinanceMarkets]

Statoil's Arctic drilling campaign interrupted by technology dispute

Statoil (STO -1.7%) is forced to stop drilling in the Arctic's Barents Sea after a court issued a temporary injunction in a technology dispute with a small Norwegian company.

The court decision prohibits STO from using its Cap-X drilling technology after the Norwegian firm claimed it was based on its own patented technology that it has been developing since 2000.

STO's Blaamann well, which the company spudded about a week ago, would have been the first exploration well drilled in the Barents Sea this year.