COSL Acquires Four Abandoned Jackup Rigs from DSIC in $446 Million

On September 19, Offshore drilling company China Oilfield Services Ltd (COSL) announced acquisition of four jackup rigs abandoned by Seadrill at domestic yards.

The company’s subsidiaries, COSL Leasing Co. and COSL Hainan Technical Services Co. have entered into an agreement with Dalian Shipbuilding Heavy Industry Co. a subsidiary of Dalian Shipbuilding Heavy Industry Group, to acquire the four vessels for approximately $446 million.

According to the announcement, this series of JU2000E jackup rigs are used as drilling units for offshore oil and gas exploration and extraction engineering operations, and are suitable for operation in marine environments worldwide in water depths of up to 400 feet, with a maximum drilling depth of up to 35,000 feet. Two of the four rigs will be delivered within 90 days and the other two will join COSL’s fleet by August 31, 2024.

COSL indicated that the purchase of the above jackup rigs is in line with the company’s actual operational needs, enhances market competitiveness, further improves the quality of large-scale equipment, and replaces the gradual transformation and exit gap of the aging platforms. The transaction is part of the company’s capital investment to optimize its fleet structure and enhance the competitiveness of its high-end jack-up, mid-depth water business.

Yangzijiang Shipbuilding

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