China National Offshore Oil Corporation (CNOOC)’s subsidiary CNOOC Energy Technology & Services has established a joint venture with MSP/DRILEX, a global technology and service provider in the oil and gas industry.

The two parties will jointly develop deepwater oil and gas drilling equipment and systems.

CNOOC said the joint venture will greatly improve the company’s overall capacity in drilling technology and services.

CNOOC established a deepwater engineering subsidiary in Shenzhen last year.