COSL Drilling Europe AS, has announced that Norwegian oil company Statoil has exercised its second 2-year option for the COSLPioneer semi-submersible rig.

Under the contract extension the rig will proceed to operate for Statoil until August 2016.

The dayrate for the contract was not revealed.

The COSLPioneer is a harsh environment semi-submersible drilling rig designed to operate in water depths up to 750 meters.