Rig Services

COSL operated and managed 24 drilling rigs (of which 21 are jack-up drilling rigs (one leased, one managed) and 3 are semi-submersible drilling rigs), 2 accommodation rigs. Through its capability of drilling in a wide range of wells with various depths, our fleet of drilling rigs is able to meet the demand for drilling services in offshore China. We spare endless efforts in modifying and upgrading our drilling rigs in order to achieve technological advancement and to cater for the growing demand.

All of our drilling rigs are well maintained. We also endeavor to modify and upgrade our rigs so as to support the latest innovative drilling technologies and equipments. We have installed the sophisticate drilling drive system to all of our rigs, which enable them to drill with the over 90-feet long drill pipes instead of the limiting 30- feet standard. This advanced drilling drive system allows the drill pipe to rotate constantly while entering or exiting a well, which largely enhanced the drilling speed, personnel safety and drilling efficiency. At the same time, it significantly reduces the risk of drill string sticking incidents during operations. We have also modified two of our rigs to drill in high temperature and high pressure well conditions. Currently, our rig fleet is capable of drilling in wells with depth ranging from 20 to 1,500 ft which is fully equipped for drilling in all conditions typically found at offshore China.

We pay strong emphasis on equipment upgrade and maintenance and we build new facilities promptly in response to market demand. COSL’s first self-built 400-feet jack-up rig COSL941, also the first in PRC, was delivered in May 2006 and currently operates smoothly in Beibu Gulf, South China Sea. It largely strengthened our international competitiveness in drilling. On 29 September 2008, COSL completed the acquisition of Awilco Offshore of Norway, and substantially improved the servicing capability of our drilling rigs. The fleet is now an echelon of vessels with different operating depths, providing a larger range of options to clients. Meanwhile, the average age of the fleet is substantially lowered. Synergies are expected to take effect upon inclusion of additional capacities from of these vessels.

Module rig services

In 2006, COSL unprecedentedly extended its module rig services to a mature oil extraction market, Gulf of Mexico. It obtained a contract to construct 4 module rigs and lease them for operation as long as three years. COSL was responsible for the investment and construction of the four module rigs, and the mobilization, installation and rig-up. The project will be delivered in the 2nd quarter of 2007. Currently, module rig COSL4 has completed platform installation stage at the location requested by clients. The project fully reflected the world class management ability of COSL and thus laid a solid foundation for COSL’s exploration of new profit driver. Currently the 4 module rigs are on a running smoothly in the Gulf of Mexico to serve the clients.

Rig management services

COSL is capable of providing rig management services. COSL engaged in the management of the Semi-submersibles for Iran's North Drilling Company (NDC) in January 2006, successfully extending its rig management services to rigs owned by other companies.