COSL Inks Deal to Provide Services in Indonesia
China Oilfield Services Limited has signed a new integrated well workover services contract with Indonesia CNOOC SES LTD through its agent, PT. Sameh Eca in Indonesia. Under this contract, COSL will provide its service for the oilfields in South East Sumatra, Indonesia. The total contract amount is about US $98.36 million, which is the largest contract for COSL's overseas well services business.
Under the contract, COSL will provide 4 sets of Barge Workover Rigas well as its Integrated Project Management service including Workover, Fishing, Logging, Testing, Tubing-conveyed Perforation, Slickline, Cementing, Stimulation services which includes: Hydraulic Fracturing, Frac-Pack, Sand Control, Coiled Tubing / Nitrogen Services and Acid Pumping. The contract was obtained through tender. The five-year contract will be effective from May 4, 2005.
Mr. Yuan Guangyu, CEO and President of the Company, said, "With the signing of the new contract, we have made a significant steps towards our overseas penetration. We will continue to extend our service area in the region and realize the strategy of market diversification. We will continue self-expansion worldwide to become an international oilfield services provider. COSL is a leading integrated oilfield services provider which offers IPM services to our customers. We will further enhance our service quality, in order to provide the best oilfield services to satisfy our customers' needs."
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