Greater China

COSL announces 2014 newbuild plans

Beijing: China Oilfield Services Limited (COSL) has announced that the company estimates that the capital expenditure of the company for 2014 will be between RMB7bn and RMB8bn.

The capital expenditure will mainly be used in the construction and purchase of 2 semi-submersible drilling rigs, 4 jack-up rigs, 15 oilfield utility vessels, 3 intergrated surveying vessel, one seismic vessel and 2 platform supply vessels.

“90% of the annual operation contracts of the drilling rigs of the company for 2014 have already been secured and the company expects that the utilisation rate of the drilling rigs will be maintained at a high level. The volume of work relating to geophysical services, marine support and transportation services in 2014 is expected to remain stable. Benefiting from the growth in the work volume of the drilling segment and new business development in well services, the volume of work for well services is expected to have a relatively rapid increase,” COSL said in the announcement. [27/01/14]

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