On 18 June, China Oilfield Services Limited ("COSL") announced that the company has recently signed with the United Arab Emirates Company Global Petro Tech FZCO (GPT) a service contract for the jack-up drilling rig "COSL Strike". The contract term is three years plus an option of 9 months. The service area is the Gulf region. The contract will officially commence in August this year.
Signing of this contract will allow COSL to expand its business into other oilfield services in that region, using drilling services as a precursor. It creates a favorable precondition for COSL to tap into the oilfield services market segment in the Gulf region.
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