China Oilfield Services Limited
China Oilfield Services Limited (COSL) is a leading comprehensive oilfield services provider in offshore with over 40 years experience. Its core businesses include: drilling services, well services, marine support and transportation services and geophysical services, which cover each phase of oil and gas exploration, development and production. COSL was listed on the Hong Kong Stock Exchange and Shanghai Stock Exchange in 2002 and 2007 respectively (Stock Code in Hong Kong: 2883; Stock Code in Shanghai: 601808).
COSL possesses the largest fleet of offshore oilfield services facilities in China. By 2009, COSL operated and managed 27 drilling rigs (of which 23 are jack-up drilling rigs (one leased) and 4 are semi-submersible drilling rigs (one managed), 2 accommodation rigs, 4 module rigs and 6 land drilling rigs. In addition, COSL also owns and operates the largest and most diverse fleets in off shore China, including 80 working vessels, 3 oil tankers, 5 chemical carriers, 8 seismic vessels, 4 surveying vessels, and a vast array of modern facilities and equipment for logging, drilling fluids, directional drilling, cementing and well work-over services, including FCT (Formation Characteristic Tool), FET (Formation Evaluation Tool), LWD (Logging-While-Drilling) and ERSC (ELIS Rotary Sidewall Coring Tool), etc.
As the largest listed offshore oilfield services company in China, COSL not only provides services of single operations for the customers, but also offers integrated package and turnkey services; COSL's business activities are conducted not only in offshore China, but also extended to different regions of the world including North and South America, the Middle East, Africa, Europe, South East Asia and Australia.
In 2010, COSL intensified its development efforts on key target markets, making smooth integration of AWILCO's culture and management; COSLRival entered into long-term follow-up contracts with COSLRigmar; COSLPioneer obtained a contract for operation for a maximum of 5 years from the Norwegian state oil company, Statoil; COSL Drilling Pan-Pacific Ltd. actively sought for markets, achieved the utilization rate of 100% of all the rigs. New breakthroughs were continually made in Indonesian market and the economies of scale began to appear. The utilization rate of the rig fleet of the COSL for the year reached 94.6% in terms of calendar days. COSL accelerated the change of its development pattern by reinforcing R&D. During the year, it invested RMB546 million in research and development (including those for equipment development), accounting for 3% of its sales revenue; there were 139 projects under development, with 147 pending patents and 99 granted, among which 16 were invention patents, for which it was granted the title of the "National Industrialized Base for Marine High-tech Achievements" by the State Ministry of Science and Technology.
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