COSL Secures Contract to Manage Iran Alborz
China Oilfield Services Limited has signed a cooperation agreement for strategic oil exploration management, repair and maintenance of the semisubmersible Iran Alborz in Block 6 of the Caspian Sea with Iran's North Drilling Company (NDCO).
According to the agreement, the total amount of the contract is approximately US$33 million for three years. The Company will provide a range of services, including the appointment of senior management staff for the rig to participate in the testing and operational management of Iran Alborz and the offering of training to local staff in Iran.
Mr. Yuan Guangyu, CEO and President of COSL, said "We have followed up this contract for six months, and successfully obtained the contract through open tender. The new services contract in Iran proved the professionalism of our technical capabilities and growing popularity in the international market. And it's a new breakthrough and service model by providing rig management services rather than equipment supply as usual. We believe that COSL will do much better in providing more comprehensive oilfield services later on. Earlier this year, we have also secured a new contract in Myanmar. These contracts represent breakthrough of the Company's oilfield service in overseas market and provided valuable experience for the Company to further explore the international market."
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