COSL's Nanhai II will be towed to a specific drilling location of Daewoo International Corporation in Myanmar. The contract period lasts 60 days and operational water depth is about 150 meters. The total contract amount is approximately US$6 million. The service contract with Woodside Energy Ltd of Australia will commence in around April next year. By that time, COSL's Nanhai VI will be towed to serve in the relevant sea areas in Australia. The contract is one-year long and the contract amount is approximately US$40 million. Upon expiry, the contract may be renewed for 1 year subject to mutual agreement of both parties.
Mr. Yuan Guangyu, CEO and President of COSL, stated, "Amidst the saturated market condition for domestic oilfield services industry, we are delighted to achieve another breakthrough in overseas markets. International expansion strategy has always been one of the four strategies embraced by the Company upon listing. We are pleased to witness the securing of new contracts for drilling, well services and geophysical services in overseas markets, such as Indonesia, North America, the Middle East, Philippines and Vietnam. As our market share continued to increase, the Company is gaining higher degree of client recognition. Looking forward, COSL will continue to consolidate its leading position in China offshore oilfield services industry and more confident of tapping into overseas markets to attain more impressive results."
For more information on the Nanhai II and Nanhai VI, please visit www.riglogix.com.
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