COSL's Newly-Build Cantilever Jackup Ready to Operate in Dalian

Delivery of COSL 942
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China Oilfield Services Limited announced that its second 400-feet cantilever jackup drilling rig, "COSL942," which was built by Dalian Shipbuilding Industry Co., Ltd., has been delivered for operation in Dalian. Upon delivery of COSL942, COSL saw its vessel fleet expanded to 16 vessels, comprising 13 jackups and 3 semi-submersibles.

COSL commissioned DSIC to build COSL942 in October 2006. Positioned as a sister vessel of COSL941 delivered in May 2007, COSL942 boasts itself as the most advanced 400' rig in Asia. During the building process, COSL walked through with DSIC difficulties including a shortage of supporting resources, long delivery cycle of major components and tight construction period, etc. The construction process pioneered a number of new engineering solutions, including dragging on the slipway and launching into the water, installing the core cantilever equipment onto the rig. These solutions ensured on-time delivery.

COSL942 has met the stringent requirements stipulated by both the China Classification Society and the American Bureau of Shipping. It was the second drilling rig in China that is able to operate in waters of 122 meters in depth and perform drilling operations into depths of more than 9,000 meters. Once commencing operation, it can operate on 50 wells within a single positioning exercise within a specific operating area. It is the second drilling rig in China that deploys full varying frequency drive technology, centralized control of electronic drills and other drilling platform equipment. It is capable of performing operations into high pressure, high temperature wells.

Speaking at the delivery ceremony, Yuan Guangyu, Vice Chairman, CEO and President of COSL, said, "COSL has been investing heavily in the past few years in expanding its capacity in line with market dynamics. COSL942 is COSL's second cantilever jackup rig after COSL941. Commencement of its operation will boost COSL’s operating capability and competitiveness, and bring COSL closer to its goal of becoming the world’s leading oilfield service provider by reinforcing its leading position in the offshore China market."

COSL942 will be towed to the Yellow Sea to service the turnkey contract for for Devon Energy (China) Ltd.

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