China Oilfield Services Ltd (COSL) has won a number of drilling contracts from one company in the Middle East worth 14 billion yuan ($1.92bn).
The Chinese company did not name the contracting party. It described it as a “first-class international oil company”.
The deal marks deeper co-operation between COSL and IOCs, it said, demonstrating that its worth is fully recognised.
COSL plans to increase its capacity in the region. It aims to provide integrated services in the Arabian Gulf, it said. This will take the shape of increased capability in its offshore drilling fleet, while increasing its ability to meet customer need.
The Chinese company works in the region via its COSL Middle East subsidiary, with offices in Dubai, Abu Dhabi, Damman and Missan, in Iraq. The company has said it can provide a number of services, including offshore drilling and workovers.
In the first half of the year, COSL struck long-term drilling contracts in Saudi Arabia, it said in September. It also won another deal for 32 wells in Iraq.
The company reported profits were up 37.1% in the first half. It has 57 drilling rigs, including 44 jack-ups and 13 semi-submersibles.
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