China Ocean Shipping Company (Cosco) has held the naming ceremony for the new Sevan driller, the world's first circular drilling rig.

The vessel can drill at depths of up to 12,500 meters and will be put to use by Petrobras off the coast of Brazil.

Extracting the South American country's vast ultra-deep pre-salt oil reserves requires supreme technical proficiency and high workforce training standards.

Speaking exclusively to China Business Weekly, Wang Xingru, general manager of Cosco Shipyard, said that the rig can accommodate up to 150 workers and can drill at temperatures of -20 Celsius.

"Such indicators have shown our competitiveness. The rig is round and can stand steady, even when strong sea waves and storms hit ... As far as I know, this rig performs better than any others in the world regarding the depth of drilling," he told the paper.

Around 400 high-profile guests were present for the naming ceremony for the Sevan including major financiers and investors.

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