(20 April 2007) China Oilfield Services Limited ( COSL or the Company , stock code: 2883. HK) announces to be awarded the operation service contract with the U.S. s EDC Company at Cheng Dao Xi, Shandong.
According to the contract, COSL will follow the requirement of the operation market of EDC Company, and provide them a series of well services like TCP perforation and chemical incision. This contract can broaden COSL the operations in the Cheng Dao Xi region, further develop the EDC market, and increase the possibility of expanding the market share.
Currently, our operational team has started providing relevant operation services on site. COSL s CEO & President, Mr. Yuan Guangyu said COSL awarded this contract symbolizes a significant achievements in the well services. From now on, we have to work hard on exploring market, expanding the market share, carrying out firmly the strategy of expanding abroad and speeding up the progress of internationalization in terms of every business segments.
About EDC:
EDC is the short form for Energy Development Corporation which originally an independent energy development company in the U.S. Its services cover oil and gas exploration and also the operation of electricity exploitation. Apart from the exploitation and exploration operations in the U.S., EDC has expanded its petroleum business in China, England, Argentina and so forth. In 1997, EDC Company took over AMOCO ORENTAL PETROLEUM CORPERATION Company which makes EDC the only foreign company in Cheng Dao Xi.
About COSL:
China Oilfield Services Limited ( COSL , stock code: 2883. HK) is the leading integrated oilfield services provider in the offshore China market. Its services cover each phase of offshore oil and gas exploration, development and production. Its four business segments are drilling services, well services, marine support and transportation services and geophysical services.
COSL has been listed on the Main Board of the Stock Exchange of Hong Kong Limited since November 20, 2002. Since March 26, 2004, COSL s stocks can be traded by means of Level I unlisted American Depositary Receipts at OTC (over-the-counter) markets in the NYSE. The ticker symbol is CHOLY.
As at December 31, 2006, COSL operated 15 drilling rigs, including 11 jack-ups and 3 semi-submersibles while operating 1 leased jack-up rig. COSL owns and operates the largest and most diverse fleets in offshore China, we own a fleet of 7 seismic vessels and 4 geotech survey vessels and have a vast array of modern facilities and equipment for logging, drilling fluids, directional drilling, cementing, well completion and well work-over services.
The majority of COSL s business activities are conducted offshore China, with the other activities extending to different regions of the world such as North and South America, the Middle East, offshore Africa and offshore Europe. COSL and its worldwide employees are dedicated to providing premier qualified services, while adhering to the highest health, safety and environmental standards. COSL has obtained the ISM (International Safety Management) certificated. Meanwhile, according to the ISO9000, ISO14000 and OHSAS management standard, COSL has established and implemented the QHSE system.
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