China Oilfield Services Signs US$56m Deal

China Oilfield Services (COSL) has signed a service contract worth almost US$56m (CNY400m) with an unnamed international company for deep water operations in the South China Sea.

COSL will also work with the country's largest offshore oil producer, China National Offshore Oil Corp, which will provide technician services, writes Chinese official news agency Xinhua.

The contract is set to begin in the second half of this year, for three years with a possible two-year extension.

According to forecasts by COSL, its unaudited 2007 net profit is expected to grow 95 percent from a year earlier, with turnover rising about 40 percent.

By staff writer