Norwegian oil company OKEA has selected COSL Drilling Europe as an exclusive supplier of drilling units for its operations on the Norwegian Continental Shelf (NCS).
As part of the four-year frame agreement, COSL Drilling Europe (COSL) will be the exclusive provider of semi-submersible drilling rigs for OKEA's NCS operations, with flexibility in terms of which of COSL's identical and energy-efficient rigs are to be used.
The agreement has four one-year extension options giving a potential total contract length of eight years.
"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', comments Erik Haugane, CEO of OKEA, who will retire from the CEO position in OKEA later this year.
"We are happy to announce this agreement for providing drilling services for OKEA on the NCS. 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', says Frank Tollefsen, CEO of COSL Drilling Europe.
The first well commitment to utilizing the agreement is expected to be in conjunction with the Final Investment Decision on the Hasselmus project, a gas tie-in to the Draugen field.