Offshore drilling rig work will be directed towards the Norwegian seas region. Equinor reinforced its partnership with COSL by signing millionaire contracts.

Equinor announced this Thursday, (31/08), contracts valued at more than US$369 million with COSL Offshore Management for offshore drilling on the Norwegian continental shelf. The COSL Promoter and COSL Innovator platforms will be employed for drilling activities, reinforcing the partnership between the companies and Equinor's ongoing quest to expand energy supply in Europe. With an emphasis on efficiency and safety, these contracts highlight the commitment to meeting the challenges of offshore operations.

COSL drilling rigs Promoter and Innovator are chartered by Equinor

Norwegian state-owned energy giant Equinor has entered into significant contracts with COSL Offshore Management for advanced drilling operations on the Norwegian continental shelf.

This strategic partnership promises to boost offshore drilling activities in the region, bringing promising results for both Equinor and COSL.

The semi-submersible platforms, COSL Promoter and COSL Innovator, are the main protagonists in these contracts.

Equipped with state-of-the-art technologies and undergoing recent updates, these platforms are prepared to face the challenges of offshore operations, even in adverse weather conditions.

The total value of the contracts exceeds the US$369 million mark, covering several essential aspects of operations.

In addition to the drilling activities themselves, the contracts cover offshore waste management, maintenance of cement units and even the use of remotely operated vehicles (ROVs), demonstrating the comprehensive scope of these collaborations.

The relationship between Equinor and COSL has been solidifying even further over the last few years.

Erik G. Kirkemo, senior vice president of Drilling and Wells at Equinor, highlights his confidence in COSL, highlighting its exemplary safety culture.

COSL, in turn, has met expectations, showing a substantial reduction in fuel consumption and emissions, in line with Equinor's strategy.

“COSL has demonstrated a good safety and performance culture over the years working with us and we look forward to safe and efficient operations for years to come. We have seen a significant reduction in fuel consumption and COSL emissions in recent years and we are pleased that its development is in line with our strategy”, said the executive.

Offshore drilling contracts will begin in the first and second quarter of 2025

The COSL Promoter contract, scheduled to begin in the first quarter of 2025, promises one year of steady operations, with the option to extend for a further four years.

Its ability to operate at depths of up to 750 meters makes it a key player in the search for hydrocarbon resources.

Meanwhile, the COSL Innovator drilling platform enters the scene in the second quarter of 2025, ready for two years of uninterrupted operations, and with the possibility of extending this period for another three years.

These platforms are prepared not only for drilling, but also to optimize energy efficiency and reduce emissions.

Equinor, in its search for additional sources of hydrocarbons to meet the challenges of the global energy crisis, sees these contracts as an essential part of its strategy.

Obtaining consent to use platforms from other companies also reinforces Equinor's commitment to ensuring the continuous supply of energy to Europe.

Thus, the contracts signed with Equinor mark a significant step towards strengthening offshore drilling operations in the Norwegian region.