COSL Capex Could Reach $996 Mln in 2013 (China)

COSL Sets Capex Could Reach $996 Mln in 2013

China’s COSL has announced that it expects that its capital expenditure for 2013 will be between 4 billion yuan and 5 billion yuan (equivalent to approximately USD 643 million and USD996 million).

The Beijing-based company said it would spend the funds on COSLProspector, 3000 horsepower module rig, two 400 ft jack-ups, one 5000 ft semi-submersible drilling rig, 14 utility vessels, one oilfield production and support vessel, one integrated surveying vessel, one 12-streamer seismic vessel, Tianjin R&D base and supportive base in Singapore.

Over 80% of the drilling rigs operation contracts of the Company for 2013 have been secured and the Company expects the volume of work relating to geophysical services, marine support and transportation services, well services in 2013 will remain steady.

January 31, 2013

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