China: COSL Orders 15 Offshore Vessels

On June 19, 2013, China Oilfield Services Limited (COSL) signed agreements for the construction of 15 vessels.

The 15 vessels, including one output enhancement vessel, four 6,000HP platform supply vessels (PSVs), two 9,000HP PSVs, two 8,000HP anchor handling tug supply vessels (AHTS vessels), four 12,000HP AHTS vessels and two 15,000HP AHTS vessels, will be constructed by five shipyards, and are expected to be delivered between January and August 2015.

Commissioning of construction of these vessels represents a major inroad for COSL in its plan to implement its “structural adjustment, deepwater and high-end” strategies for large-scale equipment, which will further enhance the Company’s capabilities in deepwater operations, addressing China’s demand for offshore oil and gas exploration and development.