Equinor awards COSL Offshore Management two drilling contracts worth $369 million

World Oil Staff August 31, 2023

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

drilling rig
The COSL Promoter drilling rig (Photo: COSL Offshore Management AS)

The contract values are calculated at around $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. Mobilization and demobilization fees are also included.

“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.

“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,” said Mette H. Ottøy, chief procurement officer.



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