Greater ChinaOffshore
COSL stacks rig at Norwegian yard
Shanghai: China Oilfield Services Limited (COSL)’s Norwegian subsidiary COSL Drilling Europe has signed an agreement with Halvorsen Offshore to stack accommodation rig COSL Rigmar at Norwegian yard Kvina Verft, due to depressed market conditions.
COSL Rigmar was chartered to US oil company Hess for operations at South Arne oilfield, and Hess has not taken the option to extend the contract for another four months.
COSL Drilling Europe currently owns and operates three drilling units and two accommodation units.
Norwegian oil company Statoil suspended the charter contract for COSL Pioneer in the fourth quarter of 2014.