CNOOC to import deep-sea drilling equipment

China National Offshore Oil Corporation (CNOOC) has signed a US$130 million contract with Norwegian firm Aker Kvaerner to import equipment for the construction of a semi-submersible deep-water drilling unit, Beijing Morning Post reported (in Chinese). The move was considered a milestone in the company's deep-sea oil exploration strategy. With the new equipment, CNOOC plans to conduct oil exploration projects 3,000 meters underwater. Its previous deepest drilling capability was only 350 meters underwater.