China Oilfield Services Limited (COSL) has chartered a jack-up oil rig from ICBC Financial Leasing under an operating lease.

The rig Kai Xuan I, capable of operating in water depth of 400 feet and drilling to a depth of 35,000 feet, will start operations in Chinese waters in July 2014.

COSL said that it will continue to expand its resources to meet the growing domestic demand for oil rigs.

Kai Xuan I is the third jack-up rig that COSCL has chartered this year to-date. In April and May this year, COSL had respectively deployed two chartered-in oil rigs into the Chinese offshore market.