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Offshore Oilfield Service Company Profits Up 63%
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China Oilfield Services Limited (COSL), a listing arm of the country's largest offshore oil producer, CNOOC, recorded 1.1 billion yuan (US$145.2 million) in net profits for the first half, a growth of 63.4 percent over the same period last year, company sources announced on Wednesday.


COSL's earnings per share averaged 0.27 yuan, up 63.4 percent.


The business volume of the company rose by 48.6 percent to 4.26 billion yuan in the first half.


In the company's four major sectors, drilling services saw business volume rise by 50.2 percent, well services by 37.4 percent, marine support and transportation services by 25.1 percent, and geophysical services by 88.5 percent.


In the second half, global oil and gas exploration was expected to remain strong, which would provide opportunities for further development of oilfield services, said Yuan Guangyu, chief executive officer and president of COSL.

As a leading integrated oilfield services provider in China's offshore oil market, COSL operates offshore oil and gas prospecting, exploration and production services.


The Hong Kong-listed company is considering issuing 820 million yuan worth of shares on the Chinese mainland stock market.


(Xinhua News Agency August 30, 2007)


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