China completes first domestically produced drilling ship  

China has completed its first domestically produced drilling ship. (Photo/China.com)

China has completed its first domestically produced drilling ship, giving the country extra strength to tap into the deep-sea drilling sector.

The ship, officially christened "Reignwood Opus Tiger 1" on Saturday, was funded by the Chinese Reignwood Group and constructed by Shanghai Shipyard of China State Shipbuilding Corporation. It is the first drilling ship with all intellectual property rights exclusively owned by China.

The exact amount of investment was not revealed, but industry insiders put the total cost between 200 million to $300 million.

The equipment and facilities of the ship achieved advanced global standards in terms of cost efficiency, energy consumption, safety and reliability, making it suitable for oil and gas exploration in the areas of the South China Sea and the East China Sea, according to Liu Shaohua, vice president of Reignwood Group.

A second ship of the same standard is under construction, and another two will be built, according to Liu.