China Oilfield Services Limited announces estimation on the capital expenditure and volume of work
The board of directors of the COSL estimates that the capital expenditure of the company for 2013 will be between RMB4,000,000,000 and RMB5,000,000,000 (equivalent to approximately HK$4,960,000,000 and HK$6,200,000,000). The capital expenditure shall be used in relating to the projects as below: COSLProspector, 3000 horsepower module rig, two 400 ft jack-ups, one 5000 ft semi-submersible drilling rig, 14 utility vessels, one oilfield production and support vessel, one integrated surveying vessel, one 12-streamer seismic vessel, Tianjin R&D base and supportive base in Singapore.
Over 80% of the drilling rigs operation contracts of the Company for 2013 have been secured and the Company expects the volume of work relating to geophysical services, marine support and transportation services, well services in 2013 will remain steady.