Oil and gas company Equinor has awarded two drilling contracts to COSL Offshore Management for work on the Norwegian Continental Shelf (NCS).

The contracts, worth $369m (Nkr3.9bn), are for COSL’s semi-submersible rigs COSLPromoter and COSLInnovator.

Equinor said the contracts cover casing running, maintenance of cement units, offshore waste management and remote-operated vehicle (ROV) operations.

Rig mobilisation and demobilisation expenses are also covered.

COSLPromoter, which is currently deployed by Equinor, will begin operating under the new one-year contract in the first quarter of 2025.

Equinor can extend the COSLPromoter drilling rig contract for up to four years.

COSLInnovator has been contracted for two years and will be deployed on the NCS at the beginning of the second quarter of 2025.

The second contract can be extended for up to three years.

To cut emissions from operations, Equinor says that both rigs have been revamped with energy-saving procedures and work methods.

Equinor chief procurement officer Mette Ottøy 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 is among the 25 oil and gas exploration and production companies that have applied for licences under Norway’s 2023 offshore licensing round.