COSL net profit up 33% in first half

By Richard Fu | August 20, 2013, Tuesday |

Online Edition

THE net profit of China Oilfield Services Ltd jumped 33 percent in the first half of the year as investment in global upstream oil and gas remained strong amid high oil prices.

Net profit was 3.2 billion yuan (US$520 million) in the first half, up from 2.4 billion yuan a year ago, according to results released last night.

Revenue rose 24 percent to 12.4 billion yuan.

The company, better known as COSL, is China’s dominant offshore drilling services provider and a unit of China National Offshore Oil Corp. It counts CNOOC Ltd, a sister company, as a main customer.

COSL said high oil prices provided support for global oil and gas investment, and the market will continue to grow in the second half.

Barclays has estimated that global energy companies will spend a record $678 billion on exploration and production in 2013, up 10 percent from 2012.

“In addition to stronger operating performance, COSL also showed good cost control with operating expenses coming in below expectations,” Sanford C. Bernstein & Co analysts wrote in a note.

Business Energy

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

COSL net profit up 33% in first half

Email this to your friend