COSL to Buy Four New Jack-Up Drilling Rigs for $445M

China-based offshore drilling contractor China Oilfield Services Limited (COSL) said this week it had agreed to buy four jack-up drilling rigs from Dalian Shipbuilding Offshore.

COSL's subsidiaries have agreed to buy four JU2000E jack-up drilling rigs at a total contract price of RMB3,251.6 million (around $445,3 million) excluding tax, with each rig costing RMB 812.9 million (~$111,36 million) per unit, excluding tax.

The rigs are suitable for operations in water depth of 400 feet (~122 meters) and have a maximum drilling depth capability of up to 35,000 feet (10668 meters).

COSL said that the rig quartet would meet its operating needs, enhance market competitiveness, and further improve the quality of large-scale equipment.

"The purchase is a part of the company’s capital investment to optimize the fleet structure and enhance the competitiveness of high-end jack-up and mid-deep water businesses," COSL said.

Two of the four jack-up drilling rigs will be delivered within 90 calendar days after the rigs purchase and sale contracts are signed, and the other two will be delivered on or before August 31, 2024.

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