COSL Drilling Europe cuts over 220 staff

Oslo: COSL Drilling Europe, the European arm of China’s COSL Oilfield Services, is downsizing its work force by 229 people after Statoil cancelled its charter of semi-submersible rig COSL Pioneer last week, 13 months before the contract was due to expire.

Statoil has not managed to find employment for the rig since October 2014, when it suspended the contract, and last week it reached an agreement with COSL to cancel the contract.

Jørgen Arnesen, CEO of COSL Drilling Europe, said of the cuts: “This is the heaviest day in our company’s relatively short history. With this cancellation, we come to a point where we have to downsize both onshore and offshore. The situation is dramatic for all our employees, and it is both difficult and regrettable that we must now proceed to notifying staff of layoffs.”

The staff downsizing will be made up of 209 offshore and 20 onshore employees, although the company did say that some employees will be offered other positions within the company.


Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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