CHINA Oilfield Services Ltd (COSL) has signed a series of contracts to provide offshore drilling services to what it describes as "a first-class international oil company" in the Middle East. The Chinese drilling contractor valued the multi-year deals at about 14 billion yuan ($1.9 billion). The contracts reflect COSL's aggressive expansion in the Middle East. The company says its international business "will form a new market pattern of all-round integration" in the region. It did not release details of the contracts, although drilling sources suggested they have been negotiated with Saudi Aramco, as the two companies have been in talks about jack-up charters for several months. Sources said COSL had intended to supply a number of jack-ups to Aramco next year, with an unconfirmed dayrate of more than $70,000. Others suggested the contracts may also cover drilling-related well services such as logging, cementing and well completion. Consultancy Westwood said earlier that jack-up dayrates for Saudi rig contracts have firmed up to between $78,000 and $98,000, much higher than previously. COSL confirmed earlier that Aramco had recently chartered three of its jack-up rigs for operations in the Middle East, which the Chinese contractor considers its largest overseas drilling contract. Drilling sources said Aramco needs up to 40 drilling rigs for multiple campaigns next year, in addition to 40 more rigs being contracted this year, including three from COSL.
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