COSL Takes Delivery of 12-Streamer Seismic Vessel

China Oilfield Services Limited (COSL) has successfully delivered 12-Streamer Seismic Vessel COSL 720 in Shanghai Shipyard Co. Ltd. (Shanghai Shipyard), Chongming Island Base. The ceremony saw attendance of the representatives from COSL, Shanghai Shipyard and their parent companies.

COSL 720 is the first large-scale domestic deep-water seismic vessel invested and constructed by COSL. The vessel will be capable of towing 12 streamers each 8000m long to carry out seismic survey operation. The operational indicators have met the international standards with the capability to perform high-density seismic collection for 50-meter-distance streamer. The vessel can withstand the seismic pressure of 3000PSI (regular collection: 2000PSI), with the endurance of 75 days, designed speed of 16 knots and towing speed of 5 knots, which the speed improved by 30% from the Group's existing seismic vessels and will significantly reduce the mobilization and demobilization time and increase operation efficiency.

As the most advanced deep-water seismic survey vessel built in China so far, COSL 720 is designed to be a safe, highly efficient, environmental-friendly and energy-saving vessel with emphasis on its performance, collection capacity, the equipment stability, energy saving and emission reduction. COSL 720 is equipped with a new generation of seismic collection system, integrated navigation system and lateral control system. Meanwhile, the full set of remote operating system will increase operation efficiency and reduce labor intensity. The vessel is equipped with a complete diesel-electric propulsion system which is able to effectively reduce vessel fuel consumption, vibration and noise. The system also contributes to improve the quality of seismic collection and the comfort of working and living environment for the crew.

After delivery, COSL 720 will commence operation in South China Sea upon completing the collection test of geophysical equipment, the working volume of which is expected to reach 100% in 2011.

Mr. Li Yong, CEO and President of COSL, said, "Global crude oil price picked up from the bottom and hit USD100 per barrel. Oil companies are gradually increasing their demand for oil and gas exploration. This offers good opportunity for the recovery and development of oilfield services, particularly geophysical services, while bringing new requirements for high quality geophysical services in terms of performance of equipment, technical level and work efficiency. Meanwhile, with China's progressive advancement of deep-water exploration, COSL will also further embark on its deep-water oilfield service. The successful delivery of COSL 720 enhances COSL's competitiveness and equipment for geophysical services, and also improves the company's capability of deep-water services. COSL will continually improve the relevant chains for this service, laying solid foundation for China's deep-water operation."