On August 26, China Oilfield Services Limited (hereinafter referred to as “COSL” or “the Company”) issued the “Announcement on the Resolutions of the Third Board Meeting of 2026.” The meeting reviewed and approved several resolutions, including the “Resolution on the Feasibility Study Report for the Project to Construct Two Next-Generation Deepwater Anchor-Positioned Semi-Submersible Drilling Rigs.”
This is the third shipbuilding project COSL has announced recently. Previously, on June 30, COSL approved the construction of 59 oilfield support vessels across six types and four high-performance jack-up drilling rigs; details regarding the shipyards have not yet been disclosed.
Currently, COSL has launched a bidding process for the construction of four jack-up drilling rigs and 59 Type 6 oilfield support vessels.
According to the bidding documents, the 59 oilfield support vessels specifically include 4 15,000-horsepower triple-purpose workboats, 1 6,500-horsepower LNG-powered guard and supply vessel, 14 2,000 DWT platform supply vessels, 1 LNG-powered guard and supply vessel with 10,000 horsepower, 23 3,000 DWT platform supply vessels, 6 12,000 horsepower multi-purpose workboats, 7 4,000 DWT platform supply vessels, and 3 8,000 horsepower multi-purpose workboats.
COSL is one of the world’s largest integrated oilfield service providers, offering services across all stages of offshore oil and gas exploration, development, and production. Its operations are divided into four major categories: geophysical survey services, drilling services, oilfield technical services, and vessel services.
Based on COSL’s 2026 interim report released a few days ago, the company reported revenue of 2.379 billion yuan (approximately $353 million) in the first half of the year, a 2.0% increase year-over-year; total profit of 2.676 billion yuan (approximately $397 million), a 4.0% increase year-over-year; and net profit of 2.135 billion yuan (approximately $317 million), a 2.8% increase year-over-year.
As of June 30, 2026, COSL operated and managed a total of 61 drilling rigs, including 47 jack-up rigs and 14 semi-submersible rigs. Of these, 47 were located in China and 14 in international waters. COSL operates and manages more than 260 vessels, including multi-purpose workboats, platform supply vessels, and field support vessels. These vessels have accumulated 43,814 days of operation, an increase of 2,304 days year-over-year, with operational volumes rising across all business segments.