China: CIMC Raffles, COSL Ink Contract for New Semi-submersible Rig

Yantai CIMC Raffles Offshore Limited and COSL Drilling Europe yesterday signed the contract for deepwater semi-submersible platform, the COSLPROSPECTOR, in Beijing.

The COSLPROSPECTOR is a DP3 vessel with an operating depth of 1,500 metres, a drilling depth of 7,600 metres and a designed operating temperature of minus 20 degrees Celsius. Classed by DNV with basic design provided by the Grenland Group, the COSLPROSPECTOR meets the requirements of the PSA and NORSOK. It is scheduled for delivery in the third quarter of 2014.

The COSLPROSPECTOR builds on the collaborative experience of the previous three COSL deepwater semi-submersible drilling platforms, as owner, builder and designer worked together to enhance the capabilities and working environment on the platform. With the additional ICE-T, CLEAN and WINTERIZATION classification, the platform has a low environmental footprint and is able to operate in ice conditions and low temperatures as is typical of the harsh conditions of the North Sea.

The COSLPROSPECTOR is the fourth deepwater semi-submersible drilling platform to be built by CIMC Raffles for CDE. The design and construction of the first three platforms fully met Norwegian requirements. The first platform, the COSLPIONEER, was delivered on 26 October 2010 and is now drilling for Statoil in the Sleipner field of the Norwegian North Sea. It completed its first wildcat on 12 October 2011 with impressive results on several key rig performance indicators, placing it among the leading platforms operating for Statoil. The second platform, the COSLINNOVATOR was delivered on 21 October 2011, and the third platform, the COSLPROMOTER will be delivered soon. All the three platforms have secured long term contracts with Statoil.

The successful delivery and operation of the COSL platforms in Norwegian waters enabled COSL and CIMC Raffles to gain valuable experience in turnkey construction of deepwater semi-submersible drilling platforms. It is also an indication of the capability of Chinese offshore builders to undertake series construction of such vessels.

The signing and construction of the COSLPROSPECTOR will further drive the development of the offshore industry in China, as company continue to build their capacity for independent development of offshore oil and gas resources.