Two COSL Rigs Awarded Drilling Contracts

Source Company Press Release
Company Equinor ASA
Tags Country: Norway, Segment: OFS News, Upstream: Upstream News
Date August 31, 2023

Equinor has awarded COSL Offshore Management AS two contracts and will employ COSLPromoter and COSLInnovator on the Norwegian continental shelf.

The contract values are calculated at around USD 369 million for both firm periods.

The COSLPromoter is already contracted to Equinor and will commence on the new contract in the first quarter of 2025. The firm contract is for one year, with options for a further four years. The COSLInnovator is contracted for two years, starting in the second quarter of 2025, and the contract includes options for a further three years.

The contract value includes running of casing, remote-operated vehicle (ROV), offshore waste management and cement unit maintenance. Mobilisation and demobilisation fees are also included.

“We plan to drill many production and exploration wells in the years to come. We are pleased to secure rig capacity which will enable us to deliver on our high ambitions. We signed a master frame agreement with COSL some years ago, and these contracts underline our commitment to continue working together creating value on the Norwegian continental shelf”, says Mette H. Ottøy, chief procurement officer.

Both rigs have been upgraded with energy efficiency measures and work processes to reduce emissions from operations.

“We have worked with COSL for many years, and we know these rigs well. The rigs have been upgraded with structural reinforcements and updated operational procedures to improve safety during operations in harsh weather conditions. COSL has demonstrated a good safety and performance culture over the years working together with us, and we expect safe and efficient operations in the years to come. We have seen a significant reduction in fuel consumption and emissions from COSL over the last years, and we are pleased that their development is aligned with our strategy,” says Erik G. Kirkemo, senior vice president for Drilling & Well.

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