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Company type | State-owned enterprise |
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(SEHK: 2883,SSE: 601808) | |
Industry | Oil exploration and Oil drilling |
Founded | 2001 |
Headquarters | , |
Area served | China |
Key people | Fu Chengyu (Chairman) |
Parent | CNOOC |
Website | China Oilfield Services Limited |
China Oilfield Services | |||||||
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Simplified Chinese | 中海油田服务股份有限公司 | ||||||
Traditional Chinese | 中海油田服務股份有限公司 | ||||||
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China Oilfield Services (COSL) is an oilfield services company. It is a majority owned subsidiary of Chinese state owned company CNOOC Group. [1] It also has a listed sister company in Hong Kong,CNOOC Limited.
China Oilfield Services usually purchases off shore vessels (OSVs) and operates them in Southeast Asia,the Middle East and Central Asia in off shore projects of CNOOC. It also operates in Indonesia,Malaysia and the Caspian Sea.
COSL's overseas revenue surged 133% year on year in the first half of 2015 to 209.8 million yuan,driven by demand for its services in Indonesia,West Africa and the Middle East.
COSL had an office in Kuala Lumpur,Malaysia briefly in the early 2000s when it had its first western Vice President,Alan Good,a British born Oilman who helped launch the company internationally and pushed for further growth in the international sector.
COSL also maintains an office in Houston,TX as COSL America.
Globally,the number of listed players in the oilfield services sector is just over 100,with a combined market capitalisation of about US$250 billion. The top five account for 40% of the industry's market capitalisation. The two largest companies in this sector are Schlumberger with a 2007 year-end market cap of US$117.6 billion and Halliburton with a 2007-year end market cap of US$33.4 billion.
According to Mr Chen,US firms tend to be the most expensive with enterprise values running two to three times book values,compared with one or less in Europe and Asia.
COSL claims a 95% share of China's market for offshore drilling services,70% of the marine support and transportation market,60% of the well survey services market and more than 50% of the seismic data collection market.
Globally,about 15% of oil companies' capital expenditure goes to exploration,35% to field development and 50% to production.
COSL posted a 22.7% year-on-year rise in interim net profit to 555.9 million Yuan,($115 million).
On 23 September 2008,COSL acquired Norway's Awilco Offshore ASA (AWO) for 17.1 billion yuan (2.51 billion U.S. dollars),which is to be merged into COSL Drilling Europe AS,a wholly owned subsidiary of COSL. The deal received backing from the relevant government departments of Norway and Statoil,the state oil company of Norway. The deal increased the number of COSL's operating rigs to 22 from 15 and created the world's eighth largest rig fleet. [2]
Baker Hughes Company is a global energy technology company co-headquartered in Houston,Texas and London,UK. As one of the world's largest oil field services, industrial and energy technology companies,it provides products and services to the oil and gas industry for exploration and production,as well as other energy and industrial applications. It operates in over 120 countries,with facilities in Australia,Brazil,Singapore,Malaysia,India,Dubai,Saudi Arabia,Italy,Germany,Norway,the United Kingdom and the United States.
Transocean Ltd. is an American drilling company. It is the world's largest offshore drilling contractor based on revenue and is based in Steinhausen,Switzerland. The company has offices in 20 countries,including Canada,the United States,Norway,United Kingdom,India,Brazil,Singapore,Indonesia,and Malaysia.
CNOOC Limited (中国海洋石油有限公司) is China's largest producer of offshore crude oil and natural gas,noted as such in 2010. It is a major subsidiary of China National Offshore Oil Corporation (CNOOC) and has been listed in Hong Kong SEHK: 883 since February 2001. It was listed on the New York Stock Exchange from 2001 to 2021. It was on the Toronto Stock Exchange between 2013 and 2021. It was admitted as a constituent stock of the Hang Seng Index in July 2001.
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Technip S.A. was a company that carried out project management,engineering and construction for the energy industry;in 2017 it completed a merger with FMC Technologies to form TechnipFMC. Its headquarters were in the 16th arrondissement of Paris. It has about 38,000 employees and operates in 48 countries.
Seadrill is an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Its primary business is the ownership and operation of drillships,semi-submersible rigs,and jack-up rigs for operations in shallow to ultra-deep water in both benign and harsh environments. It provides a contract-based service and primarily serves the oil super-majors,integrated oil and gas,state-owned national oil,and independent oil and gas companies.
Dolphin Drilling Holdings Limited is an offshore drilling rig company headquartered in Aberdeen,Scotland,United Kingdom with its main subsidiary Dolphin Drilling AS located in Sandnes,Norway. Until 2019,Dolphin Drilling had its headquarters in Oslo,Norway.
Wah Seong Corporation Berhad is a public listed company on the Main Board of the Bursa Malaysia. It was founded in 1994,and has a market capitalization of about US$300 million as of January 2007.
Awilco Offshore was a Norwegian drilling rig owner. In 2008 the company operated five jackup rigs and two semi-submersible accommodation rigs,with several others on order. Awilco was founded in 2005,headquartered in Oslo and was listed on the Oslo Stock Exchange. Operation of its rigs was done by the company Premium Drilling,owned by Awilco and Sinvest. The company was acquired by China Oilfield Services in 2008 and merged into its existing operations.
Great Eastern Life Assurance Co. Ltd,often known as Great Eastern Life or simply Great Eastern,is a Singaporean multinational insurance company and subsidiary of OCBC Bank operating in the Southeast Asia region. Founded in 1908 by Alfred Hewton Fair,it is the largest and oldest life insurance company in Singapore and Malaysia.
Nabors Industries Limited is an American global oil and gas drilling contractor that has operated since 1972. Based in Houston,Texas,Nabors operates the world’s largest land drilling rig fleet,with around 500 rigs operating in over 25 countries –in almost every significant O&G basin on the planet. It also has the largest number of high-specification rigs and custom rigs,built to withstand challenging conditions such as extreme cold,desert and many complex shale plays.
Saipem S.p.A. is an Italian multinational oilfield services company and one of the largest in the world. Until 2016 it was a subsidiary of Italian oil and gas supermajor Eni,which retains approximately 30% of Saipem's shares.
The impact of the petroleum industry has been increasing globally as the People's Republic of China ranks seventh for oil production and second in crude oil consumption in the world. China became the world's largest oil importer in 2013.
There are many oil reserves in Southeast Asia. The first oil reserve to be found in Southeast Asia was found in 1883,and is now the site of the Telega Tiga oil well. Nowadays,the region produces almost 2 million barrels of oil per day.
China National Offshore Oil Corporation,or CNOOC Group,is the third-largest national oil company in China,after CNPC and China Petrochemical Corporation. The CNOOC Group focuses on the exploitation,exploration and development of crude oil and natural gas in offshore China,along with its subsidiary COOEC.
Dana Energy is a private oil and gas company headquartered in Tehran,Iran. It is an exploration and production (E&P) and oilfield services company operating in Middle East and Asia. Formed in 2000,they were initially an oilfield services company and ventured into field development in 2008. By the addition of petroleum products trading to its portfolio in 2013,Dana Energy extended their business into the midstream sector,however due to sanctions imposed on Iran,their trading division came to a halt.
Global Maritime is an independent offshore and engineering consultancy headquartered in Stavanger,Norway. The company provides engineering,marine and advisory services to the offshore and shipping industry. Originally operating primarily in the North Sea and the Gulf of Mexico,the company has over the recent years expanded its area of operations to include a number of emerging market locations. Global Maritime offers expertise from concept design,construction and operation,through to decommissioning of offshore developments.
Fu Chengyu is the Chairman of China Petroleum and Chemical Corp (Sinopec),the largest Asian refiner. He previously worked at the China National Offshore Oil Corporation (CNOOC),which foresaw a five-fold increase in its profits during his presence.
Sapura Energy Berhad is a Malaysian integrated oil and gas services company based in Seri Kembangan,Selangor. Sapura Energy trades in over 20 countries,such as China,Australia,United States of America,and those in Western Africa and the Middle East,employing approximately 13,000 people. Sapura Energy's operations cover exploration,development,production,rejuvenation,decommissioning,and abandonment. The company was formed via a merger between SapuraCrest and Kencana in May 2012 and trades on the Main Market of Bursa Malaysia Securities Berhad. The company was renamed as Sapura Energy Berhad on 24 March 2017.
Wushi Oil Field is an oil and gas field located in the South China Sea Exclusive Economic Zone,30 miles from Zhanjiang,off the southern coast of Guangdong,China.