Statoil Terminates Rig Contract with COSL, Suspends Another

Norwegian oil major Statoil has decided to terminate its contract for the charter of the semi-submersible rig COSL Innovator, as well as suspend drilling operations with sister rig COSL Promoter. Statoil said the decision to terminate the contract for the COSL Innovator is part of its contractual right. The contract will be terminated immediately and with no … [Read more...]

COSL Prospector Delivered

China Oilfield Services Limited (COSL) accepted delivery today of the COSLProspector, their fourth deep-water semi-submersible drilling rig built by CIMC Raffles.  COSL says the rig is scheduled to be deployed to the South China Sea within the first half of 2015. COSLProspector and her sister rigs are classed by DNV GL and China Classification Society (CCS) and … [Read more...]

Statoil Stacks High Spec Rig as Drilling Contractors Continue to Sweat

Due to overcapacity in their rig portfolio, Statoil announced today they will be laying up the COSL Pioneer in the fourth quarter of 2014. The COSL Pioneer has been on contract with Statoil since delivery from Yantai Raffles in August 2011.  She is a DNV-GL class GM4000 design rig for use in harsh environments such as the North Sea and Norwegian Continental Shelf (NCS).  The … [Read more...]

COSLPioneer Given Green Light at Visund Nord

Norway's offshore safety regulators have given Statoil consent to use the COSLPioneer drilling rig to drill and complete a pair of wells at the Visund oil field on the Norwegian sector of the North Sea.  The field lies in 335 meters of water. Between Visund North and Visund South, total recoverable reserves are estimated at 29 million barrels of oil equivalent (boe) and the … [Read more...]

China Oilfield Services Plans $1.3 Billion in 2014 Expenditures

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 … [Read more...]