China Oilfield Services boasts 95% net profit rise
Updated: 2008-01-30 11:54
China Oilfield Services Limited (COSL) said Tuesday its unauditted net profit was forecast to grow about 95 percent year-on-year last year.
COSL, a listing arm of the country's largest offshore oil producer, China National Offshore Oil Corp (CNOOC), said its turnover was likely to rise about 40 percent over a year earlier.
Yuan Guangyu, COSL's CEO and President, said the robust oil and gas explorations activities were leading to a boom in oilfeild services businesses.
The leading integrated oilfield services provider said the operating days of its drilling rigs jumped by 11.3 percent year-on-year to 5,308 days last year.
By the end of last year, COSL operated 15 drilling rigs, including 11 pack-ups and three semi-submersibles while operating one leased jack-up rig.
In 2006, its net profit rose 37.4 percent year-on-year to 1.128 billion yuan ($156.6 million) and its turnover climbed 32.9 percent to 6.365 billion yuan.
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