COSL signs RMB14bln long-term contracts with major oil companies in the Middle East

Photo taken on July 30, 2020 shows the Kantan No.3 offshore oil platform in the northern waters of the South China Sea.

China Oilfield Services Limited (COSL, 601808.SH), a leading integrated oilfield services provider in China, has signed a number of long-term contracts for drilling platform services with leading international oil companies in the Middle East, with a total contracted amount of about 14 billion yuan, announced the company Sunday.

According to the company's announcement, the move marks a new stage of deepening cooperation between COSL and international oil companies in fields of oil and gas exploration and development, and also showcases that COSL's international operation and management capabilities as well as service quality have been fully recognized by world-class oil companies.

Besides, after the implementation of contracted projects, COSL's overseas business services in the Middle East will form a new market pattern. In this framework, COSL will fully activate the large-scale operation capacity of its world's largest offshore drilling service fleet, so as to ensure the key customers' oil and gas field exploration and development needs.