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| Company type | State-owned enterprise |
|---|---|
| (SEHK: 2883,SSE:601808) | |
| Industry | Oil exploration andOil drilling |
| Founded | 2001 |
| Headquarters | , |
Area served | China |
Key people | Fu Chengyu (Chairman) |
| Parent | CNOOC |
| Website | China Oilfield Services Limited |
| China Oilfield Services | |||||||
|---|---|---|---|---|---|---|---|
| Simplified Chinese | 中海油田服务股份有限公司 | ||||||
| Traditional Chinese | 中海油田服務股份有限公司 | ||||||
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China Oilfield Services (COSL) is anoilfield services company. It is a majority owned subsidiary of Chinese state owned companyCNOOC Group.[1] It also has a listed sister company in Hong Kong,CNOOC Limited.
China Oilfield Services usually purchases off shore vessels (OSVs) and operates them inSoutheast Asia, theMiddle East andCentral Asia in off shore projects of CNOOC. It also operates inIndonesia,Malaysia and theCaspian Sea.
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COSL's overseas revenue surged 133% year on year in the first half of 2015 to 209.8 million yuan, driven by demand for its services inIndonesia,West Africa and theMiddle East.
COSL had an office in Kuala Lumpur, Malaysia briefly in the early 2000s when it had its first western Vice President, Alan Good, a British born Oilman who helped launch the company internationally and pushed for further growth in the international sector.
COSL also maintains an office in Houston, TX as COSL America.
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Globally, the number of listed players in the oilfield services sector is just over 100, with a combinedmarket capitalisation of about US$250 billion. The top five account for 40% of the industry's market capitalisation. The two largest companies in this sector areSchlumberger with a 2007 year-end market cap of US$117.6 billion andHalliburton with a 2007-year end market cap of US$33.4 billion.
According to Mr Chen, US firms tend to be the most expensive withenterprise values running two to three timesbook values, compared with one or less in Europe and Asia.
COSL claims a 95% share of China's market foroffshore drilling services, 70% of themarine support andtransportation market, 60% of the well survey services market and more than 50% of the seismic data collection market.
Globally, about 15% of oil companies' capital expenditure goes to exploration, 35% to field development and 50% to production.
COSL posted a 22.7% year-on-year rise in interim net profit to 555.9 million Yuan, ($115 million).
On 23 September 2008, COSL acquired Norway'sAwilco Offshore ASA (AWO) for 17.1 billion yuan (2.51 billion U.S. dollars), which is to be merged intoCOSL Drilling Europe AS, a wholly owned subsidiary of COSL. The deal received backing from the relevant government departments of Norway andStatoil, the state oil company of Norway. The deal increased the number of COSL'soperating rigs to 22 from 15 and created the world's eighth largest rig fleet.[2]
| Oil and gas majors (Upstream /Downstream) |
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| Oil (Upstream) | |||||||
| Natural gas |
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| Drilling services |
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| EPC | |||||||
| Refineries |
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