Cosco to build well intervention semi

Cosco Shipyard Group in China has signed an LOI with Marine Accurate Well ASA in Norway to build a GM4000 semi-submersible for well intervention services valued at $200 million. The contract signing is expected later this month and includes an option for three more new vessels.

The GM4000 is designed for intervention services including through-tubing drilling and coiled tubing drilling. The operator says it will be the first purpose-built unit capable of year-round operations on the Norwegian continental shelf.

“We are expecting strong growth in the market for well intervention services in the years to come due to the increasing number of subsea oil and gas wells in production,” says Oyvind Jordanger, chairman of Maracc. “Conventional drilling rigs traditionally used for well intervention work are experiencing full utilization in exploration and development work.”