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China Oilfield Services (COSL) disclosed late Wednesday that its capital expenditure would reach $4 billion to $5 billion this year, as it moves forward on the development of several strategic projects.
In its statement, COSL said that the bulk of its expenditure will be used to develop the following rigs and offshore support vessels: the 3,000 horsepower COSL Prospector, two 400-foot jackups, one 5,000-foot semisub, 14 utility vessels, one oilfield production and support vessel, one integrated surveying vessel and one 12-streamer seismic vessel.
The COSL Prospector, currently being constructed at CMIC Raffles, is a dynamically-positioned semisub being fitted to Norwegian certification standards. The semisub, which is due for delivery in 2H 2014, can operate in a maximum water depth of 4,921 feet (1,500 meters) and drill to a maximum depth of 24,934 feet (7,600 meters).
In addition, some of the funds will be used to support the Tianjin research and development base in Singapore.
COSL added in its statement that over 80 percent of the drilling rigs operation contracts for 2013 have been secured.
"The volume of work relating to geophysical services, marine support and transportation services, and well services, will remain steady in 2013," COSL said.
COSL, a sister company of China National Offshore Oil Corporation (CNOOC), revealed Wednesday that its plans to spend $12 billion to $14 billion this year on its offshore projects, both domestically and globally.
Quintella has reported on the upstream and downstream oil and petrochemicals markets from 2004. Email Quintella at quintella.koh@rigzone.com.
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