COSL Budgets $4-5B for its 2013 Project Requirements

Printer Friendly Version
Email this Page

China Oilfield Services (COSL) disclosed late Wednesday that its capital expenditure would reach $4 billion to $5 billion this year, as it moves forward on the development of several strategic projects.

In its statement, COSL said that the bulk of its expenditure will be used to develop the following rigs and offshore support vessels: the 3,000 horsepower COSL Prospector, two 400-foot jackups, one 5,000-foot semisub, 14 utility vessels, one oilfield production and support vessel, one integrated surveying vessel and one 12-streamer seismic vessel.

The COSL Prospector, currently being constructed at CMIC Raffles, is a dynamically-positioned semisub being fitted to Norwegian certification standards. The semisub, which is due for delivery in 2H 2014, can operate in a maximum water depth of 4,921 feet (1,500 meters) and drill to a maximum depth of 24,934 feet (7,600 meters).

In addition, some of the funds will be used to support the Tianjin research and development base in Singapore.

COSL added in its statement that over 80 percent of the drilling rigs operation contracts for 2013 have been secured.

"The volume of work relating to geophysical services, marine support and transportation services, and well services, will remain steady in 2013," COSL said.

COSL, a sister company of China National Offshore Oil Corporation (CNOOC), revealed Wednesday that its plans to spend $12 billion to $14 billion this year on its offshore projects, both domestically and globally. 

Printer Friendly Version
Email this Page

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Maritime Technical Buyer
Expertise: Accounting or Finance
Location: Florida, FL
 
Well Monitoring Advisor/Specialist - (MULTIPLE OPENINGS)
Expertise: Mud Logging|Well Control|WellSite Supervisor
Location: Houston, TX
 
IT Program Manager - Mobility Solutions CoE Manager
Expertise: Well Control
Location: Houston, MN
 
search for more jobs

Brent Crude Oil : $66.54/BBL 2.32%
Light Crude Oil : $60.72/BBL 2.95%
Natural Gas : $2.95/MMBtu 1.02%
Updated in last 24 hours