China Oilfield Services Ltd. announced today plans to invest upwards of USD $1.3 billion into the building of 26 new vessels for their offshore fleet.
This capital expenditure includes funds to support the construction and purchase of the 5,000 feet semi-submersible drilling rig COSLProspector, which is currently under construction at CIMC Raffles as well as the following:
One 400-foot jack-up rig – HYSY943 (China Merchants Heavy)
One 400-foot large pile shoe jack-up drilling rig – HYSY944 (China Merchants Heavy)
Two 6,000 horsepower deep water platform supply vessels.
The COSLProspector is targeted for deployment to the North Sea where it will join three other COSL rigs under contract by Statoil in the region, the COSLPioneer, COSLInnovator and the COSLPromoter.
Besides a growing presence offshore Norway, COSL has long term contracts for PEMEX offshore Mexico. As of January, they operate and manage three jack-up drilling rigs including the COSLConfidence, HYSY936, and the recently delivered COSLHunter which will be starting its 5-year contract this quarter. COSL also operates 4 module rigs in the region.
COSL notes that Mexico recently passed an energy reform bill, which has “created favorable conditions for the Group’s further expansion in Gulf of Mexico” and they add that an additional 3000HP module rig will be operated there once constructed.
The U.S. Department of the Interior has announced a final rule that modernizes regulations governing offshore wind projects in federal waters, which could help to boost the deployment of the...
U.S. shipbuilder Philly Shipyard, Inc. and HD Hyundai Heavy Industries Co., Ltd. (HHI), South Korea’s largest shipbuilding group, have signed a Memorandum of Understanding (MOU) to explore opportunities for collaboration...
SINGAPORE, April 24 (Reuters) – Demand for liquefied natural gas (LNG) to power ships will rise this year on attractive prices, while more dual-fuel vessels join the global fleet, industry executives said....
April 24, 2024
Total Views: 682
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.