COSL Orders New Seismic Vessel (China)

On 22 April 2013, China Oilfield Services Limited (“COSL” or the “Company”) signed an agreement to commission construction of 12-Streamer Seismic Vessel, HYSY721 by Shanghai Shipyard Co. Ltd.

HYSY721 will be a large-scale dual-source deepwater seismic vessel, which will primarily engage in deepwater operations and 3D seismic data collection covering a wide area. The vessel will be capable of towing 12 streamers each 8000m long. It will be equipped with dual-source 8 gun arrays, a full diesel-electric propulsion system, and advanced technologies such as medium voltage variable frequency and controllable pitch propeller. The construction will begin based on optimizations of the original design of HYSY720, a sister vessel commenced operation in 2011.

The vessel is expected to be delivered in the second half of 2014, and will be providing services mainly for deepwaters in China South Sea, as well as for the global geophysical market.