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 (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.