COSL Secures Well Service Contracts in Myanmar
China Oilfield Services Limited has secured three new oilfield service contracts for pre-drilling, drilling fluid and cementing operations in M (Onshore) block with CNOOC Myanmar Limited ("CML"). These pre-drilling and drilling fluid contracts are the first overseas projects of this kind to be secured by the Company in the well services segment.
The drilling fluid and cementing service contracts were awarded through international open tender, in which COSL and a number of international competitors participated. The pre-drilling contract was obtained through direct negotiation. The total amount of the 3 contracts reached RMB40 million (approximately USD 4.95 million). Under these contracts, COSL will provide the captioned well services to 1 to 2 exploration wells in M block to CML in Myanmar. These contracts could be extended for 1 year upon expiration subject to client's request.
Mr. Yuan Guangyu, the CEO and President of COSL, said "These contracts represent breakthrough of the Company's oilfield service in overseas market and provided valuable experience for the Company to further explore the international market and participate in international tender. In addition, NH II, the semi-submersible drilling rig deployed to provide drilling services to Daewoo International Corporation, has already successfully entered into Myanmar's Gulf ahead of schedule and has commenced the drilling operations recently."
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