COSL Buys Two Rigs

China Oilfield Services Limited, the leading integrated oilfield services provider in the offshore China market, announced that it has recently purchased two jack-up drilling rigs which are still under construction.

The two rigs were named COSLHunter and COSLGift.

Designed by the Dutch-based GustoMSC B.V. and being constructed by China Merchants Heavy Industry (Shenzhen) Co., Ltd., these two CJ46-model jack-ups are equipped with mainstream and mature configurations. The jack-up rigs are able to operate at water depths of 375 feet and perform drilling operations at depths up to a maximum of 30,000 feet, with an accommodation capacity for 124 crew members and a variable load of 3,500 tonnes. Handover of the construction contracts of the two rigs has been completed in the shipyard. Completion and delivery of the rigs are scheduled for the fourth quarter of 2013. The two rigs have already secured services contracts and will be deployed in overseas market.

The addition of the two rigs will further enhance service capability of the Group’s high-end rigs, supporting its business growth for 2014 and beyond.

[mappress]
Press Release, August 19, 2013