Chinese oilfield services giant COSL plans to nearly double its headcount in Aberdeen after moving into the iQ Building on Justice Mill Lane.
It has taken 6,600sq ft of the office complex, which is also home to engineering and consultancy services company Wood and North Sea firm Spirit Energy.
COSL stands for China Oilfield Services Limited. It is majority owned by Chinese energy firm CNOOC, one of the largest offshore oil producers in the UK North Sea.
The subsidiary’s team in Aberdeen was previously based in offices on Bon Accord Square. It is part of the company’s Norway-based COSL Drilling Europe business.
COSL’s big growth ambitions for Aberdeen
Currently 19-strong, the Granite City-based workforce is forecast to grow to about 35 “over the short to medium term”, following the relocation to iQ earlier this month.
Donald MacLeod, UK operations manager, COSL, said: “We are thrilled to open our new modern office in the heart of Aberdeen. The central location of the iQ Building provides excellent access for our customers and to the city’s extensive amenities.
‘Positive’ feedback from staff
“The building accurately reflects our technological, collaborative and forward-thinking culture.
“Feedback from our staff has been very positive, both for the building and the location. We look forward to growing and supporting our UK customers from this befitting location.”
The office space was secured on behalf of COSL by Aberdeen-based commercial property consultancy FG Burnett.
Graeme Nisbet, director and head of agency, FG Burnett, said: “It was a pleasure acting on behalf of COSL from identification of the office space through to completion of the lease.
“COSL’s commitment to Grade A office space underpins the current trend by occupiers to secure first-in-class office accommodation. The iQ Building is an example of an office building originally designed for single floor occupiers but with the flexibility to adapt to multi-tenancy occupation.
More deals like it in the pipeline?
“The landlord at iQ had designs for single floor splits and, following COSL’s brief, we managed to secure a ‘plug and play’ solution exactly to their needs. We continue to act for a number of similar occupier clients negotiating excellent terms on their behalf.”
Hong Kong-listed COSL operates three modern drilling units in the North Sea and plans to deploy additional rigs and services in the region from 2024 onwards.
The estimated headcount growth in Aberdeen is part of an ambition to strengthen its foothold in the North Sea. The new offices were chosen to help drive that expansion.
COSL currently employs about 26,500 people globally, including around 450 in Europe.
The iQ Building is owned by Mapletree, a real estate development, investment, capital and property management company headquartered in Singapore.