COSL signs new rig contracts with Equinor

Equinor renews the trust and has awarded COSL Drilling Europe new contracts in the North Sea. COSLInnovator and the COSLPromoter will be used for planned exploration and production drilling on the NCS.

The contract for the COSLPromoter is a part of COSL Drilling Europe long-term strategy to work for the main Energy Companies on the Norwegian Continental shelf. Commencement will be first quarter of 2025, which is foreseen directly after the current Equinor contract. The firm contract duration is one year and up to five years including options.

The contract with COSLInnovator has a firm duration of two years, and up to 5 years, including options. Operations will commence in the second quarter of 2025.

“Nothing makes us prouder than the renewed trust from a valued partner like Equinor. These new contracts are a recognition of our low-emission, 6. generation rigs as safe and efficient, well suited for operations for the future. We have worked hard to achieve this by investing heavily in energy performance and competence to provide what we aim to be most efficient and overall best-performing rigs of the North Sea. These new long-term contracts will enable us to develop our company further in a very interesting market going forward”, says Frank Tollefsen, CEO of COSL Drilling Europe.

The new contracts will result in a recruitment need for the rig company.

“We anticipate an exciting time ahead with a lot of activity on our now four rigs in the North Sea, says Tollefsen.