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Equinor (EQNR) Awards Drilling Contracts to 2 COSL Rigs
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Equinor ASA (EQNR - Free Report) recently awarded two contracts to COSL Offshore Management AS for drilling operations and will employ COSL Promoter and COSL Innovator on the Norwegian continental shelf (NCS). The contract values are estimated to be roughly USD 369 million for both firm periods.
According to Equinor, the contract value includes running of casing, remote-operated vehicle, offshore waste management and cement unit maintenance. In addition to these, the value entails mobilization and demobilization fees.
The COSL Promoter, which is already on contract with Equinor, will begin performing under the new agreement in the first quarter of 2025 (for one year), with options for a further four years. The COSL Innovator has a contract of two years commencing in the second quarter of 2025, with an additional three-year option period. The work processes and energy efficiency measures on both rigs have been improved to lower emissions during operations.
According to Mette H. Otty, chief procurement officer, Equinor plans to drill many production and exploration wells in the upcoming years. Senior vice president for Drilling & Well Erik G. Kirkemo said that Equinor has worked with COSL for many years, and was familiar with these rigs. In order to increase safety when operating in inclement weather, the rigs have been upgraded with structural reinforcements and updated operational procedures, he added.
USA Compression Partners is one of the largest independent natural gas compression service providers across the United States in terms of fleet horsepower. USAC has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 30 days.
Global Partners is a Delaware limited partnership, formed by affiliates of the Slifka family. The partnership owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. GLP is one of the largest wholesale distributors of distillates. It has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 30 days.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields, and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
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Equinor (EQNR) Awards Drilling Contracts to 2 COSL Rigs
Equinor ASA (EQNR - Free Report) recently awarded two contracts to COSL Offshore Management AS for drilling operations and will employ COSL Promoter and COSL Innovator on the Norwegian continental shelf (NCS). The contract values are estimated to be roughly USD 369 million for both firm periods.
According to Equinor, the contract value includes running of casing, remote-operated vehicle, offshore waste management and cement unit maintenance. In addition to these, the value entails mobilization and demobilization fees.
The COSL Promoter, which is already on contract with Equinor, will begin performing under the new agreement in the first quarter of 2025 (for one year), with options for a further four years. The COSL Innovator has a contract of two years commencing in the second quarter of 2025, with an additional three-year option period. The work processes and energy efficiency measures on both rigs have been improved to lower emissions during operations.
According to Mette H. Otty, chief procurement officer, Equinor plans to drill many production and exploration wells in the upcoming years. Senior vice president for Drilling & Well Erik G. Kirkemo said that Equinor has worked with COSL for many years, and was familiar with these rigs. In order to increase safety when operating in inclement weather, the rigs have been upgraded with structural reinforcements and updated operational procedures, he added.
Zacks Rank & Key Pick
Equinor currently carries a Zack Rank #4 (Sell).
Some better-ranked players in the energy sector are USA Compression Partners, LP (USAC - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), and Global Partners (GLP - Free Report) and Evolution Petroleum Corporation (EPM - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
USA Compression Partners is one of the largest independent natural gas compression service providers across the United States in terms of fleet horsepower. USAC has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 30 days.
Global Partners is a Delaware limited partnership, formed by affiliates of the Slifka family. The partnership owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. GLP is one of the largest wholesale distributors of distillates. It has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 30 days.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields, and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2024 in the past 60 days.