Agility Group, COSL Continue Collaboration

Agility Group AS has entered into an agreement with China Oilfield Services Limited (COSL) to deliver detail engineering for the integration of the drilling package onto their latest drilling semisubmersible unit – Hai Yang Shi You 982 (HYSY982).

“This contract confirms AG China’s position in the Chinese market”, said Otto Søberg, CEO at Agility Group. “We have now managed to bring our competence related to drilling engineering into the market for newbuild of semisubmersibles in China. We have established good relations with COSL Beijing and with all the major construction yards in China, and we see a great potential in China in the future.”

Agility Group has been in close cooperation with COSL for a long period. The cooperation started with the design and engineering of the three semis for COSL that today are in operation for Statoil on the Norwegian continental shelf (NCS).

The latest semi newbuild ordered by COSL is planned for operation in the South China Sea. The Agility Group A5000 design was chosen for this project by COSL at the year-end of 2012.

Agility Group started the basic design work for this rig in the beginning of 2013. COSL has later on signed a building contract with Dalian Shipbuilding Industry Offshore Co., Ltd. (DSIC Offshore) and agreed earlier this year to equip the rig with drilling equipment from National Oilwell Varco (NOV).

The new contract Agility Group now has signed with COSL has a value of $8m, and includes detailed design work for integration of the drilling package from NOV and construction of the semi.

Agility Group has in addition agreed a scope of work for DSIC of approximately $3.3m.

The work will be performed by Agility Group’s Shanghai office. A smaller senior engineering team in Sandefjord will ensure experience transfer from previous similar projects delivered by Agility Group to drilling floaters worldwide.

[mappress]
June 12, 2014