[July 29th, 2004 Hong Kong] China Oilfield Services Limited ( COSL or the Company ; Stock code: 2883), the leading provider of oilfield services in the offshore China market, announces that it has signed a contract with the Singapore KS Tech Ltd ( KS Tech ) to purchase a second-hand jackup rig. The contract amounts to US 33 million, which includes procurement cost, towing fee, recovering function fee, tax expense and other related expense.
Previously known as Kuril , the second-hand jackup rig will be renamed as COSL 931 . The 479 feet long COSL931 , established in 1995, can drill a maximum of 21,666 feet in depth. At the end of July 2004, the rig will be transported from United Arab Emirates to Haikou, Hainan to resume the repairing of its drilling functions in mid August. COSL 931 will commence drilling services in Northern Bay of South China Sea by October of 2004.
Mr. Yuan Guangyu, CEO of the Company, stated during today s signing ceremony, Exploration and development activities in China continued to demonstrate its robust momentum, which bring forth numerous opportunities for oilfield services. The purchasing of the second-hand jackup rig, which is critical in enhancing the Group s capability and operation capacity, is considered as a part of the Group s capital investment in recent years.
Once the jackup rig commences operation, it is poised to improve the Group s operational efficiency and technical competency, in order to provide more comprehensive and quality services and to maximize returns for our shareholders.
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