STAVANGER, Norway — Equinor has awarded COSL Offshore Management AS two contracts and will employ COSLPromoter and COSLInnovator on the Norwegian Continental Shelf.
The contract values are calculated at about $369 million for both firm periods.
The COSLPromoter is already contracted to Equinor and will begin on the new contract in first-quarter 2025. The firm contract is for one year, with options for a further four years. The COSLInnovator is contracted for two years, starting in second-quarter 2025, and the contract includes options for a further three years.
The contract value includes running of casing, ROV, offshore waste management and cement unit maintenance. Mobilization and demobilization fees are also included.
“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," Mette H. Ottøy, Equinor's chief procurement officer, said in a press release.
Both rigs have been upgraded with energy efficiency measures and work processes to reduce emissions from operations.
The rigs have been upgraded with structural reinforcements and updated operational procedures to improve safety during operations in harsh weather conditions.