COSL poised for unprecedented fleet expansion

By Xu Yihe Beijing

 02 August 2012 22:59 GMT

China’s top offshore service specialist China Oilfield Service Limited (COSL) will soon unveil an unprecedented scheme to build a modern fleet to cater for its overseas expansion strategy.

According to COSL chairman Liu Jian, COSL will spend as much as 30 billion yuan ($4.77 billion) from 2011 to 2015 to construct sophisticated units for deep-water operations.

Plans are under review to build a number of high-specification rigs and marine support vessels, according to Li Yong, COSL chief executive.

“At the earliest, some of these units will be commissioned for fabrication by the end of this year,” he says.

In the interim, COSL will consider purchasing a secondhand drilling rig “when the time is suitable”.

Though COSL owns and operates a large number of…

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