The rig is scheduled to be towed to the designated location from Singapore at the end of June. Operation will commence in July and the contract is expected to be completed in mid October. GOGL will be responsible for the mobilization and demobilization costs, and operation fees will be charged on day-rate basis.
In obtaining this new contract, the Company has demonstrated that its operating capabilities and standards are increasingly recognized and approved of by international clients, and the Company's brand name has gradually built up recognition in its target overseas market. This contract will contribute significantly to the Company's overseas operations, and accelerate the achievement of the Company's overseas expansion goal for 2006.
Mr. Yuan Guangyu, CEO and President of COSL, said, "Market and client diversification, and internalization are the keys to the expansion of COSL's scale of operations, the heightening of its development quality, enforcement of its risk tolerance, and establishment of a strong and reputable brand name. The signing of the new Nanhai II contract is another leap towards COSL's goal of overseas expansion."
In addition, Mr. Li Yong, COSL's COO and Executive Vice President noted, "International development is one of the four key business strategies of COSL. In 2006, we will put more efforts to increase the revenue contribution of our international business. Since commencement of its operations in the overseas market, Nanhai II has received positive feedback from clients due to its service quality. It has helped COSL enlarge its influence in the international market and has paved the way to the international market for COSL's other businesses. Through signing this contract, GOGL has effectively demonstrated its faith in COSL's service and management quality, and for this we are grateful. We will adhere to a "win-win" philosophy and will provide first-grade services to our clients. We will put forth our best efforts to bring COSL into the international arena and become a top oil services company."
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