Equinor awards COSL Offshore $369m contracts for Norwegian Shelf operations

Equinor, a leading energy company, has awarded COSL Offshore Management AS two major contracts worth an estimated $369 million to operate the COSLPromoter and COSLInnovator rigs on the Norwegian continental shelf. These contracts signify Equinor’s ambitious drilling plans and underscore the company’s long-term commitment to tapping the vast reserves on the Norwegian continental shelf.

The COSLPromoter, already contracted to Equinor, will commence its new contract in the first quarter of 2025. This firm contract is slated for one year but includes options for extension of up to four additional years. On the other hand, the COSLInnovator is contracted for a solid two years starting in the second quarter of 2025, with options to extend for another three years.

Included in the hefty contract value are various services such as running of casing, remote-operated vehicle (ROV) operations, offshore waste management, and cement unit maintenance. Mobilization and demobilization fees are also part of the contract.

Mette H. Ottøy, Equinor’s Chief Procurement Officer, commented, “We plan to drill many production and exploration wells in the years to come. These contracts underline our commitment to continue working with COSL, creating value on the Norwegian continental shelf.”

COSL Offshore bags $369m contracts from Equinor for Norwegian Shelf operations. Photo courtesy of COSL Offshore Management AS.

In a significant nod to sustainability, both COSLPromoter and COSLInnovator have been upgraded with energy-efficient measures designed to reduce emissions during operations. Erik G. Kirkemo, Senior Vice President for Drilling & Well at Equinor, praised COSL’s safety and performance culture. “The rigs have been upgraded with structural reinforcements and updated operational procedures to improve safety during operations in harsh weather conditions. We have seen a significant reduction in fuel consumption and emissions from COSL over the last years, and their development is aligned with our strategy,” he said.

With these contracts, Equinor not only secures key assets for its future drilling operations but also reaffirms its commitment to sustainable and efficient exploitation of the Norwegian continental shelf’s resources.