COSL Announces 2009 Third Quarter Unaudited Results

Source: www.gulfoilandgas.com 10/28/2009, Location: Asia

China Oilfield Services Limited “COSL”, the leading integrated oilfield services provider in the offshore China market, announced its unaudited results for the nine months ended 30 September, 2009. For the first three quarters of 2009, under the impact of the acquisition of COSL Drilling Europe AS (“CDE Group”) and the highly efficient operation of the Company’s equipment pool, COSL achieved a steady growth in its income. Revenue during the period under review amounted to RMB13, 525.1 million, representing an increase of 65.0% from the corresponding period last year. Net profit increased by 2.1% to RMB2, 805.5 million. Basic earnings per share were 62 RMB cents, up 1.6% from that of the same period last year.

On drilling services, with the impact of CDE Group and a decline in maintenance days, the operating days of the rigs fleet reached 6,114 days, an increase of 2,392 days or 64.3% from the corresponding period last year. The average calendar day utilization rate was 95.9%, an increase of 5.9% from the corresponding period last year. Moreover, the 4 module rigs that provided drilling services for clients in the Gulf of Mexico achieved 1,063 operating days during the period, contributing to the calendar day utilization rate at 97.4%. The 6 land drilling rigs operating in Libya and China achieved 1,499 operating days, with the calendar day utilization rate reaching 100.0%.

On well services, driven by the effect of the acquisition of CDE Group and application of advanced technologies, the well services segment achieved a significant increase in operating revenue.

On marine support and transportation services, expansion of COSL’s fleet size boosted the operating days of utility vessels to 20,513 days, representing an increase of 2,917 days or 16.6%. The average calendar day utilization rate was 92.8%, which was basically at the same level as that of the corresponding period of last year.

On geophysical services, affected by reductions in surveying and development activities of oil and gas companies, the operation volume for this segment had declined.

Mr. Liu Jian, CEO of the Company, said: “With appropriate guidance from the Board of Directors, the senior management and all staff members of COSL adopted a proactive approach in meeting challenges to the oilfield services market brought about by the difficult macroeconomic environment. As we made better use of our competitive edges, implemented tighter cost control, achieved faster-than-expected integration with CDE to better exploit synergistic benefits, COSL’s results achieved modest growth from the same time last year. I am very pleased to see this set of results, despite against the backdrop of a very difficult environment. We shall continue to endeavor the best of our efforts in enhancing our efficiency and competences to contribute to COSL’s long-term healthy development. ”


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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