Equinor has inked two contracts with COSL Offshore Management AS, securing the services of COSLPromoter and COSLInnovator rigs for operations on the Norwegian continental shelf. The combined value of these contracts stands at approximately USD 369 million for their respective firm periods.

The COSLPromoter is already under contract with Equinor and will transition to the new contract in the first quarter of 2025. The firm contract covers one year, with the possibility of extension for an additional four years. Similarly, the COSLInnovator has been contracted for two years, commencing in the second quarter of 2025, with options to extend for up to three years.

These contracts encompass a range of services, including casing operations, remote-operated vehicle (ROV) support, offshore waste management, and cement unit maintenance. Additionally, they cover mobilization and demobilization fees.

Mette H. Ottøy, Chief Procurement Officer at Equinor, expressed the company's enthusiasm for securing rig capacity to support their extensive drilling plans in the coming years. These contracts reinforce Equinor's ongoing commitment to collaboration with COSL in creating value on the Norwegian continental shelf.

Both rigs, COSLPromoter and COSLInnovator, have undergone upgrades to enhance energy efficiency and implement operational processes aimed at reducing emissions during their operations.

Erik G. Kirkemo, Senior Vice President for Drilling & Well, highlighted Equinor's long-standing partnership with COSL and the extensive experience with these rigs. The upgrades have included structural reinforcements and updated operational procedures to enhance safety during challenging weather conditions. Equinor has a strong track record of cooperation with COSL, emphasizing safety and performance. The company also noted a significant reduction in fuel consumption and emissions from COSL over recent years, aligning with Equinor's sustainability strategy.

These drilling contracts signify Equinor's dedication to maintaining efficient and environmentally responsible operations as they continue their exploration and production activities in the region.