Chinese Offshore Oilfield Company Goes Public in HK

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Last updated at: (Beijing Time) Thursday, November 21, 2002

Chinese Offshore Oilfield Company Goes Public in HK

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China Oilfield Services Ltd. (COSL), in which the China National Offshore Oil Corporation (CNOOC) is a majority stock-holder, made an initial public offering (IPO) Wednesday on the Stock Exchange of Hong Kong.

The listing of COSL peaked at 1.92 HK dollars and closed at 1.89 HK dollars, a 12.5 percent growth over its issuance price of 1.68 HK dollars. The IPO brought in a total of over 1.04 billion HK dollars, with 561 million of its shares traded on the market.

At present, COSL is China's largest provider of offshore oilfield services. It originated from a restructuring of its parent company CNOOC last year to integrate the offshore oifield services.

With over 50 percent of its orders coming from CNOOC, COSL hopes to strengthen its competitiveness by drawing on the benefitsof the IPO to seek more clients both home and abroad in the future.

COSL hopes to become the bellwether, or leader, of offshore oilfield service in Asia and Oceania within five years.

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