COSL Drilling Europe was established in 2005, has its head office located in Stavanger, Norway, and is owned by China Oilfield Services Limited.
The business units containing the semi submersibles (Offshore Rig Services AS) was registered in May 2005. The vision was to build and operate fit for purpose semi submersible drilling units for drilling in mid water down to 750 meter. In August 2006 Offshore Rig Services changed company name to OffRig Drilling ASA.
In February 2007 Awilco Offshore ASA acquired 100% of the shares in OffRig Drilling ASA and the company changed name to Awilco Offshore Semi AS. In April 2007 Awilco Offshore Semi AS was awarded two long term drilling contracts for two semi submersible drilling units by Norsk Hydro Produksjon AS on behalf of the license partners of the Troll Production License for 8 years each plus 8 x 1 year options. In July 2008 China Oilfield Services Limited offered to purchase all shares in Awilco Offshore ASA. The purchase was effective from close of trading on Oslo Stock Exchange on 15 October 2008 and then Awilco Offshore ASA was de-listed from the Oslo Stock Exchange. The company changed name to COSL Drilling Europe AS.