China Oilfield Services Limited (COSL) announced on Monday it had received a letter of intent for a three-year drilling fluids service contract in Indonesia worth "several million" U.S. dollars.
The letter was from China National Offshore Oil Corporation's Southeast Asia Ltd. (CNOOC SES Ltd.). It was the first time COSL had extended its drilling fluids service contract to Indonesia through international public tender.
According to a company source, a number of international oil field service companies participated in the tender.
Yuan Guangyu, COSL CEO and president, said the move represented a breakthrough in the company's expansion into the overseas market.
COSL has been listed in Hong Kong and Shanghai. Its stock can be traded by means of Level I unlisted American Depositary Receipts on the over-the-counter market in the United States.
Its business activities are mainly carried out in offshore China, extending to America, the Middle East, offshore Africa and Europe.