COSL Drilling, Equinor Sign Master Framework Agreement

Wednesday, June 3, 2020

Offshore drilling contractor COSL Drilling Europe has signed a Master Framework Agreement with Equinor for the use of COSL's drilling rigs on the Norwegian Continental Shelf.

The drilling company said the deal "fully enables COSL to provide additional drilling units and services to Equinor."

The agreement will strengthen the corporation between the companies and facilitate long-term collaboration at all levels, COSL Drilling Europe said in a statement.

"The parties will commit to working on technology development as well as operational enhancements with initiatives to limit greenhouse gas emissions from drilling operations. The agreement also lays out framework for delivery of integrated services," COSL said.

Frank Tollefsen, CEO of COSL Drilling Europe, said: "Equinor is still our most important customer. We have very effective rigs with a technology that can help Equinor reach its recently announced goal of an “emission-free” Norwegian continental shelf. One of our rigs that Equinor uses has been rated their best rig multiple times the last five years."

Tollefsen, appointed COSL Drilling Europe CEO in May 2019, said: "With this agreement, we can now fully compete for Equinor contract awards on the same terms as our competitors. I am very pleased with that. This is great news for us going forward, once the current situation normalizes."

Categories: Energy Drilling Activity Europe Rigs

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