CNOOC SES Extends Bohai IV Contract
China Oilfield Services Limited has received a contract extension from CNOOC SES Ltd for a period of two years for the Bohai IV.
Participants in the tender, which was held under the Laws of Indonesia, were a number of international industry peers. COSL demonstrated itself to be able to meet the contract's requirements on both a technical and commercial level.
Mr. Yuan Guangyu, Vice Chairman, CEO and President of COSL, said: "This is first tender for drilling service contracts that COSL signed without any agent. The continuing strong demand in the market brings about significant increases in dayrates for drilling services. This contract will generate a substantial income stream for COSL."
"Expansion into the international market is one of COSL's four core strategies. We need to actively participate in competition like this to highlight our competitive strength in the international market. In the last few years, COSL has accelerated its development pace in the international market, which contributes to 18% of our total revenue. We anticipate more room for this proportion to grow in the coming years."
"To maintain oilfield services leading position in offshore China, COSL will consolidate its foothold in Southeast Asia and step up its expansion efforts into the Middle East, Gulf of Mexico, Russia and Africa in order to achieve balanced developments in both the domestic and overseas markets," Mr. Yuan added.
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