COSL will be the exclusive drilling rig provider of OKEA. Credit: COSL Drilling Europe AS.

As exclusive supplier, COSL will provide semi-submersible drilling rigs for OKEA’s development and exploration drilling operations in NCS.

COSL Drilling Europe CEO Frank Tollefsen said: “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.

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“This will provide a reduction up to 25%-50% on already very low fuel consumption levels. This is increasingly demanded in the market as it helps operators to meet its climate goals.”

The agreement has four one-year extension options. It has a potential total contract length of eight years.

It is most likely that the first well commitment will be linked with the final investment decision on the Hasselmus project, a gas tie-in to the Draugen field.

Planned to commence production in 2023, the Hasselmus project involves drilling a well.

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Production from the well will be transported via a pipeline to the Draugen platform, which is located 7km from Hasselmus field.

OKEA CEO Erik Haugane said: “OKEA expects to take a number of drill decisions in the coming months and this frame agreement secures the options we and our licence partners need for efficient and cost-effective rigs for both development and exploration drilling in the coming years.”