Vaar Energi Extends COSL Pioneer Rig Contract

Vaar Energi has exercised a six-month option on the semi-submersible drilling rig COSL Pioneer, extending its contract until mid-2027. The rig, owned by COSL Drilling Europe, is currently engaged in drilling and completing wells in the Balder field and will primarily be used for production and exploration wells in the North Sea. The extension reflects a strong collaboration between the two companies, according to COSL Drilling Europe's CEO.

Additional Rig Details

Vaar Energi also holds a contract for the semi-submersible COSL Prospector, which is fixed until the first quarter of 2027 with additional options attached. No contractual terms for the COSL Pioneer option were disclosed.