China Oilfield Services
From Wikipedia, the free encyclopedia
China Oilfield Services (COSL) (SEHK: 2883) is an oilfield service. It has a sister company in China known as CNOOC.
China Oilfield Services is seeking acquisition targets in Southeast Asia, the Middle East and Central Asia, to bolster its operating scale and technical competencies. But high oil prices and a speculative investment environment have made agreements difficult to come by, company secretary Chen Weidong told the South China Morning Post.
The sister company of dominant offshore oil producer CNOOC is particularly interested in companies operating in Indonesia, Malaysia and the Caspian Sea.
[edit] Overseas
COSL's overseas revenue surged 133% year on year in the first half to 209.8 million yuan, driven by demand for its services in Indonesia, West Africa and the Middle East.
With crude prices more than doubling in the past two years, a speculative merger and acquisition frenzy has gripped the oil services market.
[edit] Stock
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.
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).
[edit] References
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