Equinor has awarded COSL Offshore Management two contracts for the COSLPromoter and COSLInnovator to operate on the Norwegian Continental Shelf.
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 Q1 2025. The firm contract is for one year, with options for a further four years. The COSLInnovator is contracted for two years, starting in Q2 2025, and the contract includes options for a further three years.
The contract value includes running of casing, remote-operated vehicle, offshore waste management and cement unit maintenance. Mobilization and demobilization fees are also included.
“We plan to drill many production and exploration wells in the years to come”, said Mette H. Ottøy, Chief Procurement Officer for Equinor. “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.”
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,” said Erik G. Kirkemo, Equinor Senior Vice President for Drilling & 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.”