Net profit of COSL more than doubled in 2007

China Oilfield Service Limited (COSL)<601808><2883>, the country's largest service provider, said on Sunday that its net profit 2007 was nearly doubled, driven by the rising oil price and the growing business revenue.

In its annual report to the Shanghai Stock Exchange, the company's revenue has exceeded RMB 9.24 billion, representing an increase of 41.7% over the same period the year earlier.

COSL, a subsidiary of the offshore oil giant China National Offshore Oil Corp (CNOOC)<883>, gained RMB 2.2 billion net profit last year, soaring 98.4% year-on-year. Earnings per share were RMB 0.54.

In a bid to strengthen the firm's leading position in the offshore service market, it accelerated the pace of equipment construction. It has totally injected RMB 3.5 billion capital into this sector, up 27.6% over the previous year.

COSL's overseas offshore service has also been expanded last year. The firm has generated RMB 1.65 billion from its overseas business, up 49% year-on-year. It has now business operations in Indonesia, Australia, Mexico, Middle East Regions, Africa and Europe.