SinoOcean, an idle offshore assets management platform set up by major Chinese offshore builders, has entered into an agreement with oil and gas giant CNOOC for the deployment of offshore vessel and rig assets.
Under the partnership, CNOOC and its subsidiaries will work together with SinoOcean to promote the charter and sale of the idle offshore assets at domestic yards.
COSL, the offshore service unit of CNOOC, recently chartered four PSVs and one AHTS vessel from SinoOcean.
Earlier this month, SinoOcean entered into a similar agreement with ICBC Leasing.
SinoOcean was set up last year by China Chengtong, CNOOC, CSSC, CSIC, Cosco Shipping Heavy Industry, China Merchants Offshore and China Communications Construction Company under the arrangement of the central government. The group aims to consolidate around $30bn worth of idle offshore assets at state-run companies through resale and chartering deals.