China Oilfield Services Limited (COSL) said Tuesday its unauditted net profit was forecast to grow about 95 percent year-on-year last year.

 

COSL, a listing arm of the country's largest offshore oil producer, China National Offshore Oil Corp. (CNOOC), said its turnover was likely to rise about 40 percent over a year earlier.

 

Yuan Guangyu, COSL's CEO and President, said the robust oil and gas explorations activities were leading to a boom in oilfield services businesses.

 

The leading integrated oilfield services provider said the operating days of its drilling rigs jumped by 11.3 percent year-on-year to 5,308 days last year.

 

By the end of last year, COSL operated 15 drilling rigs, including 11 pack-ups and three semi-submersibles while operating one leased jack-up rig.

 

In 2006, its net profit rose 37.4 percent year-on-year to 1.128 billion yuan (156.6 million U.S. dollars) and its turnover climbed 32.9 percent to 6.365 billion yuan.

 

(Xinhua News Agency January 30, 2008)