COSL obtained the contract through international tender. The contract, with a contract period of one year and covering a total of 20 wells, has commenced execution recently. Pursuant to the contract, COSL will provide the design of cementing project, cementing pumps, technicians, equipments, admixtures and partial amount of cement raw materials.
Mr. Yuan Guangyu, CEO and President of the Company, said, "COSL enjoys absolute advantages in cementing operations in offshore China and receives continued recognition and trust from new clients for its professional strength and quality services, which demonstrated our international competitiveness. By the end of 2005, we successfully tapped into the geothermal well cementing market in the Philippines and were highly praised by PNOC-EDC. With PNOC-EDC inviting COSL once again in participating in the international tender as a cementing sub-contractor, we obtained the main contract of LIHIR project. Looking ahead, COSL endeavors to pursue its expansion strategy and is confident of accelerating the progress of internationalization."
PNOC-EDC is a geothermal power company, which prior to the IPO was wholly owned by the government of the Philippines through the Philippines National Oil Company. PNOC-EDC has a current installed capacity of 1,142 megawatts, which represents about 7 percent of the country's total power generation capacity and 60 percent of its geothermal capacity.
Apart from developing new geothermal projects and geothermal power, PNOC-EDC is looking at other renewable energy sources, including wind power and hydro power in the Philippines.
China Oilfield Services Limited ("COSL", stock code: 2883) is the leading integrated oilfield services provider in the offshore China market. Its services cover each phase of offshore oil and gas exploration, development and production. Its four business segments are drilling services, well services, marine support and transportation services and geophysical services. COSL has been listed on the Main Board of the Stock Exchange of Hong Kong Limited since November 20, 2002. Since March 26, 2004, COSL's stocks can be traded by means of Level I unlisted American Depositary Receipts at OTC (over-the-counter) market in the United States. The ticker symbol is CHOLY.
As at June 30 2006, COSL operated 15 drilling rigs, including 11 jack-ups and three semi-submersibles while operating one leased jack-up rig. In addition, COSL owns and operates the largest and most diverse fleets in offshore China, including 68 support vessels and five oil tankers, one chemical vessel, seven seismic vessels, and four geotech survey vessels. It also has a vast array of modern facilities and equipment for logging, drilling fluids, directional drilling, cementing, well completion and well work-over services.
The majority of COSL's business activities are conducted offshore China, with the other activities extending to different regions of the world such as North and South America, the Middle East, offshore Africa and offshore Europe. COSL and its worldwide employees are dedicated to providing premier quality services, while adhering to the highest health, safety and environmental standards. COSL has obtained the ISO 9000 and ISM (International Safety Management) certifications. COSL also plans to obtain certifications under the ISO 14000 environmental management standard as well as the OSHA 18000 occupational health and safety standards.
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