Equinor has signed two deals with COSL Offshore Management to use the COSLPromoter and COSLInnovator rigs in Norwegian waters worth £291 million.
Equinor says the value of the contract includes running of casing, remote-operated vehicle (ROV), offshore waste management and cement unit maintenance.
Mobilisation and demobilisation fees are also included.
The COSLPromoter is already under contract with Equinor and the new agreement will kick in Q1 2025.
The new contract will be in place for a year, however, it has the option to expand by a further four years.
The COSLInnovator is contracted for two years, starting in the second quarter of 2025, and the contract includes options for a further three years.
‘Creating value on the Norwegian continental shelf’
The Norwegian operator says that both of COSL Offshore Management’s rigs have been upgraded with energy efficiency measures and work processes to reduce emissions from operations.
Mette H. Ottøy, chief procurement officer at Equinor said: “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.
“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.”
Equinor’s senior vice president for drilling and well, Erik G. Kirkemo, added: “We have worked with COSL for many years, and we know these rigs 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.”