As exclusive supplier, COSL will provide semi-submersible drilling rigs for OKEA’s development and exploration drilling operations in NCS.

COSL Drilling Europe CEO Frank Tollefsen said: “Our rigs are already best in class in terms of emissions and fuel efficiency, and we have now taken the next step by installing an advanced system for energy control.

“This will provide a reduction up to 25%-50% on already very low fuel consumption levels. This is increasingly demanded in the market as it helps operators to meet its climate goals.”

The agreement has four one-year extension options. It has a potential total contract length of eight years.

It is most likely that the first well commitment will be linked with the final investment decision on the Hasselmus project, a gas tie-in to the Draugen field.

Planned to commence production in 2023, the Hasselmus project involves drilling a well.

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Production from the well will be transported via a pipeline to the Draugen platform, which is located 7km from Hasselmus field.

OKEA CEO Erik Haugane said: “OKEA expects to take a number of drill decisions in the coming months and this frame agreement secures the options we and our licence partners need for efficient and cost-effective rigs for both development and exploration drilling in the coming years.”