Hong Kong-listed COSL rigs utilization rate 96.9 pct in Q1, up 8.6 pct on yr |
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Published
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Fri, 27 Apr 2007 05:13
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HONG KONG (XFN-ASIA) - China Oilfield Services Ltd (COSL) said the utilization rate of its rigs for the first quarter to March was up 8.6 pct year-on-year to 96.9 pct.The total number of operating days increased by 17.5 pct to 1,308 days during the period, it added.COSL said in a statement that the total number of well completions dropped 21.1 pct to 262 from 332 a year earlier.Chief executive officer Yuan Guangyu said that with the favorable business environment, strong demand for oilfield services by oil companies in offshore China and other regions is providing development potential for the company.Yuan added that COSL wants to explore international markets, invest in increasing its production capability as well as become more innovative to improve the company's quality and growth.Separately, the company said it has signed a 3D seismic data acquisition contract with Canadian-based Hutchison Whampoa unit Husky Energy Inc.COSL718, the company's six-streamer seismic vessel, will explore the eastern area of the South China Sea for a period of approximately six months later this year in order to gather seismic data for future oil and gas projects.roby.lau@xfn.comrl/kmq
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U.S. weekly oil and gas rig count up 