COSL Completes Main Body Construction for COSLPioneer Semisub

COSL announced that it smoothly assembled the deck module to the ship hull of its 14000-ton semisubmersible rig COSLPioneer in Yantai Raffles Shipyard Ltd on November 22, 2008.

The successful assembly of COSLPioneer is a milestone development for COSL as it created a new model of shipbuilding whereby the deck module is simultaneously being built alongside with the construction of the floating platform. Not only has this new model reduced construction costs and shorted the construction period, it has also enhanced the safety coefficient for the construction process significantly. It indicates that the main body construction of COSLPioneer has basically been completed, kicking start the stage of testing in preparation of delivery.

The COSLPioneer semisubmersible rig is designed by Global Maritime and has been approved by Det Norske Veritas. With a dimension of 104.5m(length) by 65m(width) by 36.85(depth), this rig is equipped with the world's most advanced drilling module, deploying a dynamic positioning system Class 3 (DP3), which enables operations in the acute environment in north Norwegian waters. COSLPioneer's designed operating depths are between 70m and 750m, with drilling depths of up to 7,500m and a designed on-deck loading capacity of 4000 tons. It is the most advanced drilling rig in China to date.

Speaking in the ceremony in celebration of the smooth assembly, Yuan Guangyu, Vice Chairman, CEO and President of COSL said, "Ever since the successful completion of our acquisition of Awilco, COSL has been putting construction of the three semisubmersible rigs in Yantai Raffles Shipyard on the top priorities of integration process. Senior management members of the Company, technical experts had spared no effort in communicating with the construction team and the Shipyard management on locations many times, coordinated the construction process to achieve fruitful results for this stage.

"This successful assembly of the deck module to the ship hull is a solid reflection of these efforts. I hope with the collaborated efforts made by COSL and the Shipyard, COSLPioneer will be completed and will commence operation ahead of schedule."


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