COSL Drilling Europe Inks Frame Agreement with PSW

Norway's PSW Group, a subsea and drilling services contractor, inked a frame agreement with China Oilfield Services Ltd.'s subsidiary COSL Drilling Europe to provide subsea and riser maintenance services for the latter's drilling rigs, the firm said Tuesday.

Under the contract, which covers a duration of 3 years plus an extension option for 2 years, PSW will inspect, maintain and repair marine risers and related subsea equipment for all COSL Drilling Europe’s drilling rigs starting April 2015 to 2018.

"PSW Group is humble and honored to be awarded this important contract from COSL and is very much looking forward to be a preferred partner and supplier. With this contract award, PSW Group will be the nation's leading inspection, maintenance and repair company for marine riser and related equipment”, company CEO Oddbjorn Haukoy said in the press release.

Work will be carried out at PSW's subsea & drilling facility at Mongstad, Norway -- close to COSL Drilling Europes logistical warehouse and therefore allowing for seamless and efficient cooperation and timely deliveries.

“(With) COSL Drilling Europe being a tier one supplier of purpose-built rigs for the mid-water segment in Norway, it is crucial that our equipment is correctly and well maintained at all times. Awarding this contract to PSW Group will give us the support and quality we need  in order to deliver the services we are known for,” says Jorgen Arnesen, CEO of COSL Drilling Europe.

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