COSL beobachten

Different segments of the Company’s well services delivered the following output during the period: 865 jobs of logging, 290 wells of drilling fluids, and 1,527 jobs of well completion. Apart from the 0.3% decline in the drilling fluid segment, logging and well completion respectively saw output increases of 3.3% and 22.7%, thanks to development of new domestic markets and projects.

The marine support and transportation services business of the Company operated for a total of 24,229 days during the period, 561 days or 2.4% more than that of the last corresponding period. This is mainly attributable to the respective increases of 618, 32 and 30 working days for AHTS vessels, PSV vessels and Utility vessels and a decline of 119 days for Standby vessels.  The average utilization rate in terms of available days rose 0.5 percentage points to 99.6%; while the rate in terms of calendar days eased 0.2 percentage points to 94.9%. The five support vessels operated under lease terms through the joint venture Eastern Marine Services Limited operated an aggregate of 642 days during the period.

In respect of the Company’s geophysical services, battered by industry transformation of some vessels into 3D seismic data collection activities, the Company achieved collection of 37,810 km of 2D seismic data, representing a decline of 17.2% over the last corresponding period. Propelled by vibrant demand and with the facilities operated at high efficiency, the volume of 3D seismic data collection rose 32.1% to 9,694 sq km while that of 3D seismic data processing grew 35.8% to 5,686 sq km.

Upon the approval of the Board of Directors, the budget for capital expenditure of the Company in 2008 will be RMB5 billion. This budget will be mainly used in construction and purchase of one twelve-streamer seismic vessel, one deep-water engineering surveying ship, two 350-feet drilling rigs, two Liftboats, four 200-feet drilling rigs, three land drilling rigs, 18 standby vessels, 3+1 barges (Indonesia), two deep-water AHTS vessels, LWD and VSP logging equipment, coiled tubing and fracturing equipment for oilfield production optimization. In addition, the Company will start construction of 16 offshore engineering supporting vessels and procurement of undersea cable equipment.

Mr. Yuan Guangyu, CEO and President of the Company, said: “The world saw an increasing trend in consumption of oil and natural gas in 2007. Driven by increasing demand, oil and gas exploration activities continue to be vibrant, supporting ongoing development of the oilfield services industry. Propelled by the ongoing strong development of the four core businesses, the Company had been able to leverage its competitive edges and take advantage of all available opportunities, achieving fruitful results in 2007.”