China Oilfield Services
| Company type | Public |
|---|---|
| Industry | Oilfield services |
| Headquarters | China |
Area served | Southeast Asia, Middle East, Central Asia, Indonesia, Malaysia, Caspian Sea region |
Key people | Alan Good (former Western Vice President) |
| Products | Offshore support vessels, offshore drilling services, marine support and transport, well survey services, seismic data acquisition |
| Owner | CNOOC Group (state-controlled) |
| Parent | CNOOC Group |
China Oilfield Services (COSL), predominantly owned by the state-controlled CNOOC Group of China, specializes in oilfield services. The company deploys offshore support vessels (OSVs) mainly across Southeast Asia, the Middle East, and Central Asia, providing essential support to CNOOC’s offshore operations. Its principal markets encompass Indonesia, Malaysia, and regions around the Caspian Sea.
Overseas
In the first half of 2015, COSL experienced a remarkable 133% increase in revenue from international operations, reaching 209.8 million yuan. This growth was fueled by heightened demand in areas such as Indonesia, West Africa, and the Middle East. During the early 2000s, COSL briefly maintained an office in Kuala Lumpur under the leadership of its inaugural Western Vice President, Alan Good, who played a key role in broadening its global footprint. Additionally, COSL operates an office in Houston known as COSL America.
Stock
The worldwide oilfield services industry consists of just over 100 publicly traded firms with a total market value near US$250 billion. The five largest players account for approximately 40% of this market capitalization, with Schlumberger leading at US$117.6 billion and Halliburton following at US$33.4 billion as of the end of 2007.
Within China, COSL commands a commanding share: 95% of offshore drilling services, 70% of marine support and transport activities, 60% of well survey services, and more than half of seismic data acquisition. On a global scale, exploration receives about 15% of oil companies’ capital expenditures; field development accounts for roughly 35%, while production represents around 50%.
From a financial perspective, COSL reported a 22.7% rise in net profit for the interim period, totaling 555.9 million yuan (approximately $115 million).
Acquisitions
On September 23, 2008, COSL completed the purchase of Norway’s Awilco Offshore ASA (AWO) for 17.1 billion yuan (equivalent to 2.51 billion U.S. dollars), integrating it into COSL Drilling Europe AS, a fully owned subsidiary. This transaction, endorsed by Norwegian regulatory bodies and the state oil company Statoil, expanded COSL’s rig count from 15 to 22 units, elevating it to the position of the world’s eighth-largest rig operator.