(CHEN FEI)

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

The ship, officially christened Opus Tiger 1 on November 8, 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-300 million.