COSL Drilling Europe

COSL Drilling made exclusive rig provider for OKEA

A four-year-long frame contract has been signed by COSL Drilling Europe with OKEA for the use of COSL’s energy-efficient drilling rigs at the Norwegian Continental Shelf (NCS).

COSLPromoter rig; Source: COSL Drilling Europe

In addition, OKEA has the right to exercise up to four one-year options, which gives a potential of a total contract length of eight years, COSL Drilling said on Thursday.

As part of the agreement, COSL Drilling Europe will be the exclusive drilling rig provider of OKEA for operations at the NCS and with flexibility in terms of which of COSL’s identical and energy-efficient rigs to be used.

Frank Tollefsen, CEO of COSL Drilling Europe, said: “This joint partnership will set a new industry standard when it comes to low-emission and efficient drilling operations. We are excited in how the operator with this agreement demonstrates confidence in our employees, our rigs and our organization to deliver efficient and high-end drilling performance”.

According to COSL, its rig portfolio has a track record of having the most efficient and best-performing rigs of the North Sea, with Energy Control Systems already delivering substantial reductions in CO2 and Nox.

“Our rigs are already best in class in terms of emissions and fuel efficiency, and we have now taken the next step by installing an advanced system for energy control. This will provide a reduction up to 25-50 per cent on already very low fuel consumption levels. This is increasingly demanded in the market as it helps operators to meet its climate goals”, Tollefsen said.

The first well commitment to utilize this agreement is expected to be in conjunction with the expected Final Investment Decision on the Hasselmus project, a gas tie-in to the Draugen field.

Erik Haugane, CEO of OKEA, commented: “OKEA expects to take a number of drill decisions in the coming months and this frame agreement secures the options we and our licence partners need for efficient and cost-effective rigs for both development and exploration drilling in the coming years.

“We are very pleased to have entered into this frame agreement with COSL, which provides the flexibility and predictability we need at attractive rig rates”.

COSL also has a framework agreement with another oil company on the NCS, Equinor.