CNOOC Signs $50m Deal with Aker

Friday, November 16, 2007
China National Offshore Oil Corp (CNOOC) yesterday signed a $50 million contract with Norwegian company Aker Kvaerner ASA for deepwater drilling equipment supplies. The Norwegian company earlier won a contract valued at $128 million from CNOOC. The contract includes the delivery of an ultra deepwater drilling rig. The company will also focus its overseas expansion on ventures in Western Africa, the Middle East, Asia Pacific and Central Asia, he said. China will finish its first deepwater drilling rig with a maximum working depth of 3 km by 2011. The maximum drilling depth will reach 12 km, which means it can operate in deepwater regions in the South China Sea, Southeast Asia, Gulf of Mexico and West Africa. The project, with a total investment of 4.5 billion yuan, will be carried out by Shanghai Waigaoqiao Shipbuilding Co under China State Shipbuilding Corporation, according to CNOOC. Source: China Daily

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