Petro-king Oilfield Services Limited (Petro-king or the Company which, together with its subsidiaries, is referred to as the Group), a leading independent China-based high-end oilfield services provider, announced Thursday that it entered into a technical service agreement for the provision of directional drilling services, measurements while drilling, logging while drilling and borehole tools and services July 22, which is expected to generate additional revenue for the Group.
The agreement was entered into between Petro-king Oilfield Technology Limited, the Company’s wholly-owned subsidiary, and Xi’an Katwell Energy Technology Co., Ltd., an energy technology company based in China. The estimated contract sum is approximately $24.3 million (CNY 151.1 million or approximately HKD 188.9 million), with a guaranteed contract sum of not less than $14.23 million (CNY 88.4 million or approximately HKD 110.5 million). The services will be provided in five years’ time from the date of the agreement.
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