PSW Group awarded frame agreement with COSL Drilling Europe

(Stavanger/Bergen, 19th May, 2015) PSW Group has entered into a frame agreement with COSL Drilling Europe for Subsea & Riser Maintenance services of the company’s drilling rigs.  The agreement has a duration of 3 years and with an optional period of 2 years. Work under the contract has already commenced.

The scope of work is for inspection, maintenance and repair of marine risers and related subsea equipment for all COSL Drilling Europe’s drilling rigs starting April 2015 to 2018.

"PSW Group is humble and honoured 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 nations leading inspection, maintenance and repair company for marine riser and related equipment”, says Oddbjørn Haukøy, CEO of PSW Group.

PSW Group will for this contract utilize its state-of-the-art Subsea & Drilling facility at Mongstad which also is in close proximity to COSL Drilling Europes logistical warehouse and this will allow for seamless and efficient cooperation and timely deliveries.

“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 Jørgen Arnesen, CEO of COSL Drilling Europe.

Contact:

Oddbjørn Haukøy, CEO of PSW Group

Telephone: + 47 91 17 19 14

Jørgen Arnesen, CEO of COSL Drilling Europe

Telephone: + 47 98 89 96 50

PSW Group AS is a company which delivers multidiscipline services to the oil and energy sectors, both onshore and offshore, with a strong customer base within subsea and drilling. The company is organised in the following entities: PSW Group, PSW Solutions and PSW Integrity. The company is headquartered at the Subsea & Drilling base at Mongstad, and has additional offices at Ågotnes, Kristiansund, Liverpool and Aberdeen. For more information, please see www.psw.no

COSL Drilling Europe AS owns and operates 3(4) drilling units and 2 accommodation units. All units are in operation in the North Sea area. The fourth drilling unit (COSLProspector) has recently been delivered from the yard and is now in operation in East Asia. The company is a subsidiary to China Oilfield Services Limited, (COSL) Beijing, China. COSL Drilling Europe AS head office is located in Stavanger, Norway. For more information, please see www.cosl.no