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COSL Secures First Overseas Onshore Drilling Contract

Source: www.gulfoilandgas.com 12/24/2007, Location: Africa

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China Oilfield Services Limited announced that it has joined hands with a Libyan drilling company to secure a service contract of four onshore drilling rigs. Pursuant to the contract, COSL will provide two 7,000-meter and two 5,000-meter drilling rigs, as well as tens of senior technical workers for implementation and management of the project. It is planned in the contract to mobilize the drilling rigs to Libya from March 2008 for a term of three years. Revenue after tax of the contract will be close to US$100 million. Before the completion of the contract, both parties can initiate discussion on the extension of the contract. Besides, COSL is now under negotiation with the Libyan company in relation to the supply of the four workover rigs.

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