CIMC Raffles Delivers Newbuild Jackup HYSY 932 to COSL

Yantai CIMC Raffles Offshore Limited (CIMC Raffles) delivered Wednesday the HYSY 932 jackup to China Oilfield Services Limited (COSL) in Yantai, Shandong, China. Jin Xiao-Jian, general manager of Strategy & Planning Department for China National Oil Corp. (CNOOC) and Board Director of CNOOC International Financial Leasing Company, Li Yong, CEO & president of COSL, Zhang Ai-Guo, director of Administrative Committee of Dong jiang Free Trade Port Zone of Tianjin, Wu Han-Ming, president of CNOOC International Financial Leasing Company, Darren Leskoski, the regional vice president of ABS, and Yu Ya, president of CIMC Raffles, attended the naming and delivery ceremony. HYSY 932 will proceed to commence its operation in Bohai Bay.

HYSY 932 is a Super M2 Design Jackup. Friede & Goldman provided the basic design, while CIMC Raffles completed both the detail design and shop design. And the whole construction process was supervised by Ocean Challenger, a Singapore-based company. Main technical parameters are: LOA (length overall) 196 feet or 59.745 meters; BM (beam) 183 feet or 55.78 meters; HM 25 feet or 7.62 meters; Leg Overall Length 410 feet (125 meters); Maximum Drilling Depth 30,000 feet (9,144 meters). It can accommodate 110 persons and is Classed by ABS.

HYSY 932 is the 6th Jackup constructed and delivered by CIMC RAFFLES since 2011. In the first half of 2014,CIMC Raffles will deliver a total of three jackups to COSL. The first unit is a Multi-purpose Self-elevating Rig already delivered in February 2014 and now operating in the Bohai Bay with good operation performance. CIMC Raffles will deliver another Super M2 Jackup to COSL in May 2014.

CNOOC International Financial Leasing provided the financial leasing services to HYSY 932, its first project since inception. HYSY 932 will be operated by COSL. Li Yong, CEO and President of COSL, said: "HYSY 932 is COSL’s another innovative and successful operation in the mode of investing large equipment. This is a good start, and we believe that this will offer great support to COSL for the next five-year plan and even more long-term plan."

Jin Xiao-Jian, GM of Strategy & Planning Department for CNOOC and Board Director of CNOOC International Financial Leasing Company, stated that: "With the fast development of offshore industry, CNOOC was busy exploring and developing oil fields around the whole world, and will demand much more drilling units and other offshore equipment. In a word, offshore industry will bring much more chance to COSL, CNOOC International Financial Leasing, CIMC Raffles and other relative companies in future."

CIMC Raffles has had the ability of batch build of 300 feet jackups and 400 feet jackups, and also had the overseas experience of doing Jackup EPC (engineering, procurement and construction) Projects. The Jackup Production Unit designed by CIMC Raffles independently has entered the international market successfully.


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