OKEA signs rig frame agreement with COSL Drilling Europe

OKEA ASA has awarded a 4-year frame contract to COSL Drilling Europe AS for use of COSL drilling units for development and exploration drilling on the Norwegian continental shelf.
May 6, 2021

OKEA ASA has awarded a 4-year frame contract to COSL Drilling Europe AS for use of COSL drilling units for development and exploration drilling on the Norwegian continental shelf (NCS). The agreement has four 1-year extension options for a potential total contract length of 8 years.

The first well commitment under the agreement is expected to be in conjunction with the final investment decision on the 2 billion-kroner Hasselmus project, a gas tie-in to Draugen field. Hasselmus lies 7 km northwest of Draugen. The reservoir contains gas in sandstone of early Jurassic age in the Ile and Ror formations. The company is working toward a 2023 production start.

COSL will be the exclusive provider of semisubmersible drilling rigs the operations, with flexibility over which of COSL’s identical and energy-efficient rigs are to be used.

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