(November 3, 2003 Beijing)China Oilfield Services Limited ( COSL or the Company ; SEHK: 2883) is pleased to announce that Mr. Yuan Guangyu, Chief Operating Officer of the Company, has been appointed as the Chief Executive Officer effective from November 3 2003. Mr. Fu Chengyu will continue to serve as a non-executive director and the Chairman of the Board.
Mr. Yuan Guangyu joined CNOOC in 1982 and has been working in the PRC oil and gas industry for over 20 years. Mr. Yuan possesses ample working experience in different aspects of oil industry and has thorough understanding of the operation of COSL. He has served as the Chief Operating Officer of the Company since 2002.
Mr. Yuan graduated with a bachelor s degree in drilling engineering and completed his MBA studies in a program accredited by the Capital University of Economics and Business in the PRC in 2001. He has worked in the PRC oil and gas industry for over 21 years focusing on oil drilling, drilling supervision and oilfield service management etc.
Mr. Yuan said, It s been a year since COSL s successful listing on the Main Board of the Hong Kong Stock Exchange on November 20, 2002. Under the leadership of our devoted management team, COSL witnessed a fruitful year in the past twelve months. Serving as both CEO and COO of the Company, I have been given a challenging task of bringing the Company to new heights.
Our professional management team will continue to do our best to solidify our leading position in the growing offshore China market, to capture larger market share and to create shareholder value by capitalizing on our service integration, as well as improving our technical capability and service quality.
Mr. Fu Chengyu, Chairman of COSL, commented, Mr. Yuan s extensive experience in the oilfield services industry is a precious asset to the Company s ongoing development.
Together with the professional management team with valuable experiences in management and finance, COSL is committed to creating shareholder value as always.
-The End-
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