China Oilfield Services Limited (COSL or the Group), an integrated oilfield services provider in offshore China, announced Wednesday that it recently renewed its long-term cooperation contracts for two module rigs (COSL1 and COSL2) with Mexico's Petroleos Mexicanos (Pemex) for over 1,700-day operation period at higher contract day rates.
These two module rigs have been on several cooperation contracts with Pemex for six years in the Gulf of Mexico and gained the recognition of clients for their operational capability. At present, the new contract for module rig COSL1, which has successfully passed the examination of the client and the local government, is formally extended. After repair, maintenance, upgrading and modification, module rig COSL2 will be able to comply with the new contract. The Group currently operates and manages 4 module rigs and 2 jackups in the Gulf of Mexico, an important overseas market. In addition, a 3,000 horsepower (HP) module rig and a jackup will operate there once constructed.
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