Singapore-China National Offshore Oil Corp.'s drilling subsidiary China Oilfield Services Limited (COSL) is actively planning new vessels to cope with higher demand offshore China. The company said in its annual strategy preview on January 31 that its total capital expenditure this year will range from Yuan 4 billion to 5 billion ($643 million-$804 mil- lion), similar to its planned budget for 2012. About 62% of its capital expenditure this year will be focused mainly on con- struction of new vessels in its drilling services segment. The remainder will be geared towards well completions, geophysi- cal and marine support and transport ser- vices, COSL said.
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