(April 29, 2003 Beijing) China Oilfield Services Limited ( COSL or the Company ; Stock code: 2883) announces it has decided to build a new jackup drilling rig which can drill in water depths up to 400 feet. The new rig is intended to meet anticipated demand for COSL s drilling services. The Company plans to initiate the building program in the near future and will solicit bids from international companies for the rig s design and from domestic shipyards for its construction.
The total cost of the new rig will depend on its design specifications and actual construction costs. The newbuild jackup rig is expected to begin operations by the end of 2005.
COSL originally planned to purchase two second-hand jackup rigs by the end of 2004. In the current market conditions, however, COSL has not been able to find any suitable second-hand rigs for a reasonable price. Depending on the drilling rig market conditions and demand for its drilling services in 2004, COSL may still consider acquiring a second-hand jackup rig, upgrading one of its existing rigs or leasing a rig from another company.
-------------------End-----------------
Related News
Photos
More>>
trade
market
- Hisense Seeks Further Overseas Development--Hisense Plans to Increase More
- Hisense Attends CTC Parade Exhibition in Canada
- Hisense Successfully Holds Shanghai Expo Photo Exhibition in Algeria
- Hisense Makes its First Appearance at Malaysian PIKOM Fair
- Hisense Dual-Mode Inverter Air Conditioner Wins Award at IFA