Contract Extensions for COSL Drilling Europe's Semi-Submersibles in Norway

COSL Drilling Europe, a Norwegian subsidiary of China Oilfield Services Ltd (COSL), has secured a contract extension for one of its four semi-submersible rigs operating in Norway. The company operates two rigs for Vaar Energi (COSLProspector and COSLPioneer) and two for Equinor (COSLPromoter and COSLInnovator).

Vaar Energi Contracts

Vaar Energi has exercised a second option for the COSLProspector, extending the contract by six months. This extension, announced via LinkedIn, is attributed to the rig team's strong operational performance, including safe, efficient, and low-carbon operations. CEO Frank Tollefsen confirmed that four additional six-month options remain for COSLProspector. Separately, Vaar recently exercised a second option for the COSLPioneer, with a third option potentially declared this summer, leaving another four six-month options available.

Equinor Contracts

For the two rigs contracted to Equinor, COSLPromoter and COSLInnovator, each has three one-year options remaining. The due date for the first option declaration for both rigs is set for the third quarter of this year.

Company Background

COSL Drilling Europe, established in 2005 with its head office in Stavanger, expressed appreciation for Vaar Energi's continued confidence and looks forward to ongoing collaboration.