Friday, December 26, 2008

CNOOC Engineering nets RMB 1.9 bln contract from COSL

China Offshore Oil Engineering Co Ltd (CNOOC Engineering)<600583> has inked a contract to build three jackups for China Oilfield Services Ltd<601808><2883>, according to the two companies' filings to the Shanghai Stock Exchange.

The total contract value is RMB 1.9 billion, or RMB 634.3 million per jackup.

The jackups, capable of drilling wells of up to 6,000 meters, are expected to be delivered by June 2008 and will be used to provide oil and gas drilling services in the Bohai Sea.

China National Offshore Oil Corp (CNOOC) holds 57.74% stake in COSL. It also owns 60.32% in CNOOC Engineering directly and indirectly.

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