Three New Drilling Rigs for COSL

China Oilfield Services Limited (COSL) has signed construction contracts with Dalian Shipbuilding Industry Offshore Co., Ltd. (DSIC Offshore) and China Merchants Heavy Industry (Shenzhen) Co., Ltd. for construction of three drilling rigs, namely HYSY982, HYSY 943 and HYSY944, respectively.

HYSY982 is a sixth generation deepwater semi-submersible drilling rig equipped with DP3 dynamic positioning system, designed for a maximum operating depth of 5,000 feet (1,524 meters), and a maximum drilling depth of 30,000 feet (9,144 meters). It is expected to be delivered in August 2016.

HYSY943 is equipped with a maximum operating depth of 400 feet (122 meters) and a maximum drilling depth of 35,000 feet (10,668 meters); while HYSY944 is CNOOC’s first large pile shoe jack-up drilling rig, which will fill the vacuum in the Group’s equipment for operations on soft formations, is equipped with maximum operating depth of 400 feet (122 meters), with a maximum drilling depth of 30,000 feet (9,144 meters). These jack-up rigs are expected to be delivered in September and October 2015 respectively.

COSL Group CEO and President, Mr. Li Yong, said: “Commissioning of construction of these three drilling rigs enables us to further optimize our equipment structure, enhance our operational capabilities in deepwater and special conditions, to implement the “structural adjustment, deepwater and high-end” strategy we have set out for our large-scale equipment, which will further enhance the Group’s overall competitiveness, creating better value for our shareholders.”

COSL, November 1, 2013