CHINA Oilfield Services Limited has chartered a third new jack-up rig for use in 2014, this one a 400-feet jack-up rig named Excellence I

Excellence I measures 66.71 metres in length and is 67.06 metres in width. It is designed to operate at water depths of 400 feet and is capable of performing drilling operations at depths of up to 35,000 feet.

COSL said the rig, which is held under an operating lease from ICBC Financial Leasing Co, was scheduled to commence drilling operations in Chinese waters for clients in July.

This rig and the HYSY932 and Gulf Driller I rigs, which commenced operation in Chinese waters in April and May respectively, were chartered in order for COSL to meet rapidly growing domestic demand through deployment of external resources, it said.