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China Oilfield Services Limited is pleased to announce the official delivery of the locally built ¡°COSL 941¡±, its first self-constructed 400-foot jack-up rig.
¡°COSL 941¡± is a jack-up rig construction project jointly implemented by COSL and the U.S.-based FGL Buyer LLC and was built in the PRC by Dalian New Shipbuilding Heavy Industries Co., Ltd. The total investment on the project is approximately USD135 million. Major equipment, power station and drilling machine engine facilities in ¡°COSL 941¡± are provided by National Oilwell Varco, Caterpillar, and Siemens respectively.
The design of the vessel, major equipment and facilities of ¡°COSL 941¡± are of advanced international standards. The operation depth of ¡°COSL 941¡± is 400 feet (122 m), and its drilling depth can reach 30,000 feet (9,144 m). ¡°COSL 941¡± is equipped to drill high-temperature and high-pressure wells. It is superior to other jack-up rigs in the PRC. In addition, it is the first offshore drilling platform in the PRC that adopts automatic drilling machine control technology, a world-class automatic technology, and is the first jack-up rig in the world applying frequency variation engine technology for drilling machine , embodying the realization of the Company¡¯s operation philosophy of ¡°Quality, Health, Safety and Environmental protection¡±(also referred to as our ¡°QHSE¡± policy).
Upon delivery, ¡°COSL 941¡± is scheduled to be tugged to the Gulf of Tonkin to the west of Nanhai in mid-June. It will provide services to CNOOC Ltd for one exploration well and two production wells.
Mr. Yuan Guangyu, CEO of COSL, said, ¡°The construction of ¡®COSL 941¡¯ is the largest project that the Company has embarked on since its listing, the completion of the project significantly enhanced the capacity of our facility. In addition, ¡®COSL 942¡¯, another 400-foot jack-up rig, has entered into the phase of building and implementation. COSL endeavors to further enhance its drilling facilities and service capability while expanding its service scope, aiming to become an international energy service provider.¡±
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