CIMC Raffles Starts Construction of COSL Prospector Semi (China)

CIMC Raffles informs that the construction of COSL Prospector semi-submersible drilling rig has begun in Yantai City, China.

Mr. Li Yong, Chief Executive Officer and President of COSL, and representatives from the rig’s contractor CIMC Raffles, China Classification Society （“CCS”）, Det Norske Veritas （“DNV”） and the designer Greland Group, etc. attended a ceremony marking the construction commencement.

COSL Prospector, to be certificated by DNV and meeting relevant requirements of the Norwegian Petroleum Safety Administration （“PSA”）and NORSOK, is scheduled be delivered in the second half of 2014.

It is designed to be 104.5m long, 70.5m wide, and 37.55m high, with a maximum operation depth of 1,500m under the sea, a maximum drilling depth of 7,600m and a capacity for 130 persons. The variable deck, with a load threshold of 6,000 tons, is equipped with six 5,500kW diesel generators and six 3,800kW fixed pitch variable speed thrusters. The designed ambient temperature is -20°C. Moreover, it will encompass functions including drilling and accommodation, etc., onto a single platform.

The rig will be will be equipped with a dual positioning system for DP3 dynamic positioning and mooring positioning .

Accreditations including ICE-T, CLEAN and WINTERIZATION will also be sought to officially reaffirm the rig’s ability to operate under freezing, environmental-friendly and cold winter conditions, which can adapt better to hectic conditions in North Sea.

Mr. Li Yong, Chief Executive Officer and President of COSL, commented: ‘In the recent two years, COSL has successively delivered three semi-submersible drilling platforms, among which the COSLPioneer has successfully completed drilling of four wells in North Sea, Norway, with its quality and efficiency endorsed by our customers. In May 2012, COSLPioneer was selected as ‘Platform of May’ and named No.1 by Statoil in a comprehensive performance assessment for all 29 drilling platforms in North Sea area. COSLInnovator is ready for drilling in North Sea, Norway, and it is planned to start its operation recently. COSLPromoter, the platform just completed and delivered, will arrive in Norway in early August in preparation for operation in the fourth quarter of 2012. The construction and successful operation of the these three platforms illustrated not only the rich experiences of COSL and COSL Drilling Europe AS （“CDE”）, one of our subsidiary companies, but also our confidence in building, operation and management of advanced semi-submersible drilling platforms. It is believed that, based on our experiences in constructing of these three platforms, COSLProspector will go through a very smooth construction process. We expect the platform to be delivered ahead of schedule, and start making contributions to COSL and our shareholders.”

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Press Release, July 3, 2012