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March 23, 2017

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COSL suffers loss

CHINA Oilfield Services Ltd, a subsidiary of China National Offshore Oil Corp, made a loss of 11.46 billion yuan (US$1.7 billion) last year. The annual loss was a reverse from a profit of 1.07 billion yuan in 2015 as its drilling service revenue plunged 46.7 percent, oilfield maintenance income fell 21 percent, and shipping service revenue sinking 29 percent, the Shanghai-listed firm said yesterday in its annual report. The tumbling global crude prices in the past two years “have forced oil giants to reduce investment and exploration, which hurt service providers like us,” it said.



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