COSL profits from expanding market

Offshore services provider China Oilfield Services Ltd (COSL), has posted a third-quarter net profit of 604.1 million yuan ($80.8 million), a 73.3% increase on the same period in 2006.

COSL said turnover in the quarter increased 38% year-on-year to 2.29 billion yuan.

Meanwhile, net profit for the year's first nine months rose 66.8% to 1.69 billion yuan, on the back of higher drilling rates and a 16.9% increase in operating days of its drilling rigs.

COSL said the expansion of the geophysical data collection market, an increase in operations, the application of new equipment and high-tech materials and the implementation of effective cost controls also helped drive profits higher.