COSL Wins Contract from BR Energy
China Oilfield Services Limited has won a bid for an overseas contract in oilfield production. COSL will provide BR Energy with senior management expertise for a Workover Pulling Unit ("WPU").
Pursuant to the contract, COSL will be responsible for the operation and management of the WPU. It will also provide relevant training in operation, maintenance and working procedures, including QHSE (Quality, Health, Safety and Environment) system training. The number of senior management members seconded will be determined by client needs in accordance with the stage of their work. The contract will remain effective until January 1, 2008.
Mr. Li Yong, Executive Vice President and Chief Operating Officer of COSL attended the signing ceremony, and stated, "This is the Company's first oilfield services contract in production stage for the overseas market, involving the supply of both our technical expertise and management skills. It is the Company's newly explored business model and potentially one of the new growth drivers in the future. Having been chosen by BR Energy to provide them with our senior management and relevant services is a recognition of COSL's capabilities. This contract expands the scale of COSL's overseas business, enhances its brand influence, and sets a solid foothold for COSL to further explore the Malaysian market and surrounding region."
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