A four year-long frame contract has been signed by COSL Drilling Europe AS with OKEA ASA for the use of COSLs energy-efficient drilling units at the Norwegian Continental Shelf (NCS). In addition, OKEA has the right to exercise up to 4x1 year options, which gives a potential of a total contract length of eight years.

As part of the agreement, COSL Drilling Europe (COSL) will be the exclusive drilling rig provider of OKEA for operations at the NCS and with a flexibility in terms of which of COSLs identical and energy-efficient rigs to be used.

«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.

COSLs rig portfolio has a track record of having the most efficient and best performing rigs of the North Sea, with Energy Control Systems already delivering substantial reductions in CO2 and Nox. The rigs are compact, smart deck-layout, with low personnel on board (PoB) and operated by a highly competent and experienced team.

«Our rigs are already best in class in terms of emissions and fuel efficiency, and we have now taken the next step by installing an advanced system for energy control. This will provide a reduction up to 25-50 percent on already very low fuel consumption levels. This is increasingly demanded in the market as it helps operators to meet its climate goals», Tollefsen says.

The first well commitment to tilize this agreement is expected to be in conjunction with the expected Final Investment Decision on the Hasselmus project, a gas tie-in to the Draugen field.

About COSL Drilling Europe

Established in 2005, and has its head office located in Stavanger, Norway.
Operates four modern drilling units: COSLPioneer, COSLInnovator, COSLPromoter and COSLProspector
Has a solid owner in China Oilfield Services Limited, listed at the Shanghai Stock Exchange, with ambitions to strengthen its foothold in the North Sea.

About OKEA

OKEA ASA is an independent Exploration and Production (E&P) company and operator on the NCS with a current production of ~16,000 boepd.
OKEA targets profitable production growth within the current portfolio combined with an opportunistic approach to M&A.
OKEA ASA is listed on the Oslo Stock Exchange under the ticker “OKEA”.