OKEA ASA

Regulatory Filings • May 6, 2021

OKEA signs rig frame agreement with COSL Drilling Europe

OKEA signs rig frame agreement with COSL Drilling Europe

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 expects to take a number of drill decisions in the coming months and this

frame agreement secures the options we and our licence partners need for

efficient and cost-effective rigs for both development and exploration drilling

in the coming years. We are very pleased to have entered into this frame

agreement with COSL, which provides the flexibility and predictability we need

at attractive rig rates', comments Erik Haugane, CEO of OKEA.

'We are happy to announce this agreement for providing drilling services for

OKEA on the NCS. This joint partnership will set a new industry standard when it

comes to low-emission and efficient drilling operations. We are excited in how

the operator with this agreement demonstrates confidence in our employees, our

rigs and our organization to deliver efficient and high-end drilling

performance', says Frank Tollefsen, CEO of COSL Drilling Europe.

The first well commitment to utilise this agreement is expected to be in

conjunction with the Final Investment Decision on the Hasselmus project, a gas

tie-in to the Draugen field.

Contact persons:

Erik Haugane, CEO, +47 907 21 655

Trond Omdal, VP IR, +47 915 32 578

About OKEA

· OKEA ASA is an independent Exploration and Production (E&P) company and

operator on the NCS with a current production of ~16,000 boepd

· OKEA targets profitable production growth within the current portfolio

combined with an opportunistic approach to M&A

· OKEA ASA is listed on the Oslo Stock Exchange under the ticker "OKEA"

About COSL Drilling Europe

· Established in 2005, and has its head office located in Stavanger, Norway

· Operates four modern drilling units: COSLPioneer, COSLInnovator,

COSLPromoter and COSLProspector

· 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