Equinor Awards COSL Rigs Contracts for Drilling in Norway
Posted 31/08/2023 13:46
Norwegian energy company Equinor has recently announced its selection of COSL Offshore Management AS for two contracts, with plans to deploy the COSLPromoter and COSLInnovator rigs on the Norwegian continental shelf. These strategic agreements are poised to enhance Equinor's drilling capabilities and solidify its commitment to sustainable operations.
The COSLPromoter, which is already engaged in a contract with Equinor, is scheduled to commence the new contract's execution in the first quarter of 2025. This contract spans a firm period of one year, with provisions for extending it for up to four additional years. Simultaneously, the COSLInnovator has secured a two-year contract, set to start in the second quarter of 2025. Moreover, this agreement encompasses options for extending the contract for up to three more years.
Both contracts amount to approximately £291 million for the combined firm periods. This valuation encompasses various operational aspects, including casing management, remote-operated vehicle (ROV) services, offshore waste management, and maintenance of cement units. Additionally, the contracts include fees for mobilization and demobilization.
Equinor's Chief Procurement Officer, Mette H. Ottøy, affirmed, "We plan to drill many production and exploration wells in the years to come. We are pleased to secure rig capacity which will enable us to deliver on our high ambitions." These contracts underscore Equinor's dedication to its collaborative relationship with COSL, as it strives to generate value on the Norwegian continental shelf.
Notably, both the COSLPromoter and COSLInnovator rigs have undergone upgrades to incorporate energy efficiency measures and optimized work processes aimed at minimizing emissions during operations. Erik G. Kirkemo, Senior Vice President for Drilling & Well at Equinor, highlighted the positive history of collaboration with COSL, stating, "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."
Equinor's vision aligns well with COSL's commitment to reducing environmental impact. These contracts reflect Equinor's confidence in COSL's capabilities and shared commitment to sustainable energy practices.
In conclusion, Equinor's collaboration with COSL Offshore Management is set to bolster the company's drilling endeavors while adhering to environmental best practices. Through these contracts, Equinor aims to ensure efficient and safe operations on the Norwegian continental shelf and drive progress in the energy sector.