COSLProspector Completes Construction Milestone

China Oilfield Services Limited (COSL or the Group) announced Friday that the company's fourth semisubmersible drilling rig COSLProspector (mid-water semisub), currently under construction at Yantai CIMC Raffles Offshore Limited's shipyard in China for COSL Drilling Europe AS (CDE) has completed the assembly of its upper and lower hulls.

COSLProspector has a maximum operation depth of 4,921.2 feet (1,500 meters), a maximum drilling depth of 24,934.4 feet (7,600 meters) and a variable deck with maximum load of 5,000 tons. It is equipped with DP3 dynamic positioning and mooring positioning, and meets relevant requirements from Norwegian Petroleum Safety Administration, as well as standards from NORSOK, Det Norske Veritas (DNV) and China Classification Society (CCS). Compared to CDE's previous three similar platforms, COSLProspector's performance and operation environment were significantly improved, while accreditations including ICE-T, CLEAN and WINTERIZATION reaffirm the platform's ability to operate under freezing, environmental-friendly and low-temperature conditions. The rig is scheduled to be delivered in late 2014 targeting at the Norwegian North Sea market.

Li Yong, CEO and the president of COSL, said, “The successful assembly of upper and lower hulls of COSLProspector marks an important point for the construction of COSLProspector. We are very confident about the on-time completion of COSLProspector. The three semisubmersibles currently operating under CDE in Norwegian North Sea achieved outstanding performances and have received endorsements from clients. These help accumulate experience that facilitates the COSLProspector's operation in the future. We believe the commencement of COSLProspector will further strengthen our business in Europe.”


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