Singaporean firm strikes deal to help Chinese drilling player go international

Singapore-based asset management company Keystone Offshore has signed a memorandum of understanding (MOU) with CNPC Offshore Engineering (CPOE), a drilling subsidiary of China National Petroleum Corporation (CNPC), forming a strategic alliance to elevate their offshore portfolios.

Both firms intend to promote their offshore asset transactions and utilization to reach a wider customer pool. This comes on the heels of MoUs Keystone signed with two other Chinese players, Sinoocean in October 2023 and Sinopec Offshore Oilfield Service Company (SOOSC) in April 2024.

Keystone Offshore’s scope of operation encompasses servicing the offshore oil and gas and renewable energy sectors. The firm owns and manages nine assets, all but one jointly managed with Sinoocean.

Established in January 2005, CPOE provides general offshore drilling services, mainly in China. As the company is looking into expanding its operations internationally, the Singaporean player intends to market the former’s assets overseas.

CPOE’s offshore rig fleet comprises 13 mobile drilling rigs and one module drilling rig, including 300ft F&G L780 Mod II, CP300, DSJ-300, and 400ft JU2000E design jack-up rigs. This is coupled with 22 vessels, three jack-up workover units, and two submersible testing units.

Singapore has recently been busy with developments in the liquefied natural gas (LNG) arena. Last week, the Energy Market Authority (EMA) inked a deal with KOGAS to improve collaboration in LNG procurement and supply chain management.

The country also witnessed the inaugural bunkering of Fairfield Chemical Carriers’ dual-fuel LNG newbuild, and a christening ceremony for one of Hapag-Lloyd’s LNG dual-fuel containerships, Singapore Express.