COSL Reports Un-audited Operational Data for 2005
China Oilfield Services Limited announced its un-audited operational statistics for the year ended December 31, 2005.
The demand for drilling rigs in year 2005 remained strong. For the year ended December 31, 2005, COSL drilled a total of 246 wells, of which 190 were development wells and 56 were exploration wells. Total number of operating days during the year was 4,604 days, representing a year-on-year increase of 85 days or 1.9%. Operating days for jack-up rigs increased 251 days or 7.2% over the corresponding period last year. The increase was mainly attributable to the commencement of operation for the new jack-up rig, COSL931. In addition, maintenance days of semi-submersibles increased 110 days when compared with that in the previous year, which led to a decrease of 166 days, or 16.1% in the operating days for semi-submersibles. As such, the utilization rate (available day) of rigs decreased by 0.8% to 98.0%.
COSL operated for 8,483 days• team for its well workover business and achieved a significant growth of 16% during the year.
In October 2005, NH II and NH VI, both semisubmersibles, had secured two drilling contracts in Myanmar and Australia respectively. Among which, NH II will operate for 60 days with the total contract amount of approximately US$6 million, while NH VI will have a service term of one year with a total contract amount of approximately US$40 million.
During the year under review, operating datum of well services for which the Company provided logging, drilling fluids, directional drilling, cementing and well completion services were 698, 368, 210, 249 and 1,233 respectively, representing year-on-year increases of 19.3%, 26.0%, 9.9%, 5.5% and 16.7% respectively.
In December 2005, COSL secured a two-year geothermal well cementing services contract in the Philippines, with a total contract amount of approximately US$3.7 million and is expected to commence in March 2006.
Marine Support and transportation services business of COSL maintained a stable growth during the year. Marine support vessels operated for a total of 23,220 days, representing an increase of 1,414 days or 6.5% as compared with that in the previous year. The utilization rate (available day) of the fleet reached 98.7%, which was in line with that in the previous year.
Regarding the geophysical services, the Company's collection of 2D seismic data increased by 6.8% whereas the processing of 2D seismic data decreased by 20.1%. Meanwhile, the collection and processing of 3D seismic data increased by 20.1% and 25.1% respectively.
Commenting on the operating data for the year 2005, Mr. Yuan Guangyu, the CEO and President of COSL, said, "Being the leading integrated oilfield service provider in offshore China, based on the operating data for the year, we are confident that the Company will achieve remarkable annual results."
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