China Oilfield Services (COSL), the drilling affiliate of China National Offshore Oil Corp. (CNOOC) said Friday that its net profit more than doubled to 2.2 billion yuan ($324 million), from a low base in 2009 when it was hit by property and equipment impairment charges. This despite drilling rates falling 11% on average from a year ago. COSL said that the utilization rate of its deepwater rigs was roughly 92% in the firs half of this year, versus 96% in the same period in 2009. Its jackup utilization rate was up slightly from 70% last year to 72% this year.
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