China Oilfield Services Ltd, a unit of the nation's third-largest oil producer, won a contract to supply four drilling rigs to Libya for about US$100 million.

 

China Oilfield will deliver two 7,000-meter and two 5,000-meter drilling rigs over three years starting in March, the Beijing-based company said on its Website today.

 

The oil and gas services company, whose main customer is CNOOC Ltd, aims to expand both at home and abroad to benefit from increased exploration spending after oil prices surged.

 

"This is the company's first overseas onshore drilling contract," Yuan Guangyu, vice chairman of China Oilfield, said. "We see Libya as the starting point to expand our broad range of oil field services to overseas markets such as the Middle East and north Africa."

 

China Oilfield shares rose 6.7 percent to HK$17.92 at the Hong Kong stock exchange's close at 12:30 pm.

 

(Shanghai Daily December 25, 2007)