COSL awards AG new rig contract (VIDEO)

Agility Group AS has entered into an agreement with China Oilfield Services Limited (COSL) to deliver detail engineering for the integration of the drilling package onto their latest drilling semisubmersible unit Hai Yang Shi You 982 (HYSY982).

“This contract confirms AG China’s position in the Chinese market”, says Otto Søberg, CEO of Agility Group. “We have now managed to bring our competence related to drilling engineering into the market for newbuild of semisubmersibles in China. We have established good relations with COSL Beijing and with all the major construction yards in China, and we see a great potential in China in the future”.

Agility Group has been in close cooperation with COSL for a long period. The cooperation started with the design and engineering of the three semis for COSL that today are in operation for Statoil on the Norwegian continental shelf (NCS).

This cooperation continued as COSL wanted to build the forth semi for NCS. Agility Group’s design (GG 5000) was chosen by COSL and they placed the building contract of the semi (COSL Prospector) at Yantai CIMC Raffles in China. Agility Group has delivered both the basic and detailed design of the semi, which is planned to be completed in the last quarter of 2014.

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The latest semi newbuild ordered by COSL is planned for operation in the South China Sea. The Agility Group A5000 design was chosen for this project by COSL at the year-end of 2012. Agility Group started the basic design work for this rig in the beginning of 2013. COSL has later on signed a building contract with Dalian Shipbuilding Industry Offshore Co., Ltd. (DSIC Offshore) and agreed earlier this year to equip the rig with drilling equipment from National Oilwell Varco (NOV).

The new contract Agility Group now has signed with COSL has a value of $ 7.9 million (47 MNOK) and includes detailed design work for integration of the drilling package from NOV and construction of the semi. Agility Group has in addition agreed a scope of work for DSIC of app. MNOK 20.

The work will be performed by Agility Group’s Shanghai office. A smaller senior engineering team in Sandefjord will ensure experience transfer from previous similar projects delivered by Agility Group to drilling floaters worldwide.

AG China Ltd. has during the last three years had a very positive development, and shows today a profitable growth. The company is ISO-certified by DNV and works fully integrated with the rest of the Agility Group organization.

During the last 15 years, Agility Group has performed nearly 20 similar engineering tasks for clients like Samsung Heavy Industries, Hyundai Heavy Industries, STX Offshore & Shipbuilding, and Aker Oilfield Services. This has mainly been work on drillships. With this new contract, Agility Group has made a breakthrough into the market of floating drilling rigs.

 

Press Release, June 10, 2014

 

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