COSL announced that its semisubmersible rig COSLNH6 has successfully renewed its drilling service contract with Woodside Energy Ltd in Australia.
COSLNH6 has been servicing Woodside since May 2006. COSL and Woodside have been maintaining an excellent working relationship. Upon an operational request from Woodside, the service contract is renewed for another two years based on terms in the original contract. The new contract, which last for two years, has already come into effect since September 2008. The day rates under this contract almost double the original levels.
Yuan Guangyu, Vice Chairman, CEO and President of COSL, said, "COSLNH6 has been widely recognized by operators for the high quality service it delivered during its service terms in Australia. The renewal of the original contract this time at significantly higher day rates is another endorsement for COSLNH6's high quality service, reflecting the validity and success of COSL's strategy of internationalization. Despite the recent volatility in oil prices and the increasing uncertainty of the world economy, COSL has been able to raise its fee rates on new services contracts signed recently. We maintain our optimistic outlook for the oilfield technology services industry and are highly confident about COSL's prospects."
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