China: COSL Plans to Expand Its Ocean Engineering Fleet

Triggered by the desire to harness China’s offshore oil potential China Oilfield Services Ltd (COSL) plans to expand its ocean engineering fleet with as much as fifty new vessels, China daily reports citing COSL’s manager of the shipping department Cai Dian.

According to him, China’s largest integrated oilfield service provider will use the new vessels to support the company’s offshore oil projects in the aftermath of China’s first deep-water drilling rig’s operation kick off near islands in the South China Sea.

The announcement on fleet expansion has sparked considerable interest of various Chinese shipyards that are still having tough time competing with foreign counterparts amid low demand for newbuildings on the market.

COSL operates the biggest fleet of offshore oilfield service facilities in China, comprising108 vessels, which include drilling rigs, working vessels, oil tankers, chemical carriers, seismic vessels, surveying vessels etc.

[mappress]

World Maritime News Staff, September 14, 2012