COSL Drilling Europe’s Rig Frame Contract With OKEA ASA

Selmer acted as legal advisor to COSL Drilling Europe in this transaction.

OKEA ASA has awarded a four-year frame contract to COSL Drilling Europe AS for the use of COSL’s energy-efficient drilling units on the Norwegian Continental Shelf (NCS).

As part of the agreement, COSL Drilling Europe (COSL) will be the exclusive provider of semi-submersible drilling rigs for OKEA’s NCS operations, with flexibility in terms of which of COSL’s identical and energy-efficient rigs are to be used. The agreement has four one-year extension options giving a potential total contract length of eight years.

OKEA ASA is an independent Exploration and Production (E&P) company and operator on the NCS with a current production of ~16,000 boepd.

COSL Drilling Europe, established in 2005, has its head office located in Stavanger, Norway. It operates four modern drilling units: COSLPioneer, COSLInnovator, COSLPromoter and COSLProspector. It has a solid owner in China Oilfield Services Limited, listed at the Shanghai Stock Exchange, with ambitions to strengthen its foothold in the North Sea.

The Selmer team was team led by partners Nicolai Myren (Picture) and Norman Hansen Meyer.

Involved fees earner: Norman Hansen Meyer – Selmer; Nicolai Myren – Selmer;

Law Firms: Selmer;

Clients: COSL Drilling Europe AS;

Author: Federica Tiefenthaler