(24 December 2007 Beijing) China Oilfield Services Limited ( COSL or the Company , HKSE stock code: 2883, SSE stock code: 601808) announced today that it has joined hands with a Libyan drilling company to secure a service contract of four onshore drilling rigs. Pursuant to the contract, COSL will provide two 7,000-meter and two 5,000-meter drilling rigs, as well as tens of senior technical workers for implementation and management of the project.
It is planned in the contract to mobilize the drilling rigs to Libya from March 2008 for a term of three years. Revenue after tax of the contract will be close to US 100 million. Before the completion of the contract, both parties can initiate discussion on the extension of the contract. Besides, COSL is now under negotiation with the Libyan company in relation to the supply of the four workover rigs.
Mr. Yuan Guangyu, Vice Chairman, CEO and President of COSL, expressed, First, we would like to thank the Libyan company for their trust in COSL. Having obtained this contract via tendering, it shows that COSL s capabilities in integrated services and world-class operations have been widely recognized in the international market.
This is COSL s first overseas onshore drilling contract, and it signifies the Company s new breakthrough in internationalization strategy and the enhanced international reputation of COSL. I strongly believe that COSL is capable of executing and completing this contract to the industry standard. Moreover, we see Libya as our new starting point as which expand COSL s broad range of oilfield services to oversea markets, such as Middle East and Northern Africa.
As at 30 September, 2007, COSL operated 15 drilling rigs, including 11 jack-ups and 3 semi-submersibles while operating one leased jack-up rig. In addition, COSL owns and operates the largest and most diverse fleets in offshore China, including 75 support vessels and 4 oil tankers, 5 chemical tankers, 7 seismic vessels, and 4 geotech survey vessels. It also has 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 in offshore China, with the other activities extending to different regions of the world including North and South America, the Middle East, offshore Africa and offshore Europe. COSL and its worldwide employees are dedicated to providing premier quality services, while adhering to the highest health, safety and environmental standards. COSL has obtained the ISM (International Safety Management) certifications and operated under the ISO 14000, ISO 9000 as well as OSHA 18000 to achieve QHSE management standards.
For further enquires, please contact:
Natalie Tam / Antonia Au / Peter Chan / Kent Lau
Tel: 2136 6182/ 2136 6176/ 2136 6955/ 2136 8059
Fax: 3170 6606
Email:natalie.tam@iprogilvy.com/antonia.au@iprogilvy.com/peter.chan@iprogilvy.com/
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