Press release COSLProspector

COSL Drilling Europe has Thursday 1 December 2011 signed a contract with Yantai CIMC Raffles Offshore for the construction of a deepwater semi-submersible drilling unit capable of operation in water depths down to 1500 metres.

The drilling unit named COSLProspector will be certified according to DNV Class and designed and constructed to be in compliance with the requirements for operations in harsh environment on the Norwegian Continental Shelf. COSL Drilling Europe AS with its head office in Stavanger in Norway, will take delivery of the drilling unit by end of Q3 2014. COSLProspector will be designed and purpose built for operations in winterized areas like the Barents Sea, Greenland and Canada and will be delivered with class notation ICE-T and Winterized Basic. In addition the drilling unit will be designed for operations in environmentally demanding areas and will have the DNV Clean Class notation as one of the first drilling units in the world.

COSLProspector which is a GG5000 design, will be the fourth rig constructed at the same shipyard as where its 3 sister rigs have been constructed . The rig is similar to COSLPioneer/COSLInnovator and COSLPromoter, all which have long term contracts on NCS with Statoil.

"We are very pleased to announce this contract award says Mr. Jørgen Arnesen, CEO/President of COSL Drilling Europe AS. This is an another milestone in our company's history and by choosing CIMC Yantai Raffles Shipyard we are confident that we will receive a drilling unit delivered within time and budget and with a quality that meets our requirements for operation on NCS."

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