OREANDA-NEWS. February 18, 2014. China Oilfield Services Limited (COSL) has estimated that a capital expenditure of RMB7-8bn (USD 1.2-1.3bn) will be required in 2014 mainly for the purchase of rigs and offshore vessels.

COSL detailed that the capital will be used for the construction and purchase of two semi-submersible drilling rigs, four jack-up rigs, 15 oilfield utility vessels, four integrated survey and seismic vessels, two 6,000 bhp anchor handling tug supply (AHTS) vessels, among others.

COSL added that 90% of its 2014 contracts for its drilling rigs have been secured, and the utilisation rates of the drilling rigs are expected to be high.

“In 2014, the work volume for our seismic survey and offshore transportation services is expected to remain stable,” the company said in a statement.

“The company is also expected to benefit from increased workload from its new business developments in the drilling segment and oilfield services,” said the subsidiary of state-owned China National Offshore Oil Corporation (CNOOC).