COSL Drilling hands out multi-million assignment to Odfjell Technology

The UK’s Odfjell Technology, a spin-off of Odfjell Drilling, has inked a long-term deal for the provision of tubular running services with COSL Drilling Europe, an offshore drilling player.

COSL Promoter; Source: COSL Drilling Europe

Under the terms of the contract, the UK firm is set to provide comprehensive tubular running services in support of COSL Drilling Europe’s offshore drilling activities. The location of these operations has not been disclosed.

The contract, valued at approximately NOK 160 million (around $14.94 million) has been signed for three years and comes with two one-year extension options. Elisabeth Haram, Executive Vice President (EVP) of Odfjell Well Service, welcomed the contract, describing it as “significant”.

Haram noted: “This contract further strengthens our long-standing relationship with COSL and demonstrates their trust in Odfjell Technology’s ability to deliver high-quality services. We look forward to leveraging our expertise and capabilities to support COSL Drilling Europe AS’s operations over the coming years.”

While Europe is working on propelling its decarbonization agenda forward, it is also seeing continued offshore drilling activity, especially in Norway. This week, the Norwegian Ocean Industry Authority granted two permissions for Odfjell Drilling’s rigs to be used in exploration activities in the Norwegian Sea.

While one was given to Aker BP for a semi-submersible rig, the other was handed to PGNiG Upstream Norway (PUN) for one of the rigs the UK player manages. Furthermore, Equinor plans to use one of the UK firm’s rigs for two exploration wells in the North Sea off the coast of Norway. The activities are expected to start in June 2024.

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COSL Drilling also recently secured a permit for the COSL Promoter rig to be used for an exploration well in the Norwegian sector of the North Sea. On the other hand, the operation of four of its jack-ups, believed to be working for Aramco, was temporarily suspended in Saudi Arabia last month.