COSL Issues Bonds

Thursday, May 24, 2007
China Oilfield Services Limited (COSL), the largest oilfield service provider in Asia, has issued corporate bonds valued at 1.5 billion yuan ahead of an expected listing on the mainland stock market, according to a report on Xinhua.

It is the first time COSL, and its parent company, China National Offshore Oil Corporation (CNOOC), the country's largest offshore oil producer, has issued corporate bonds on the mainland market.

The 15-year bonds have an interest rate of 4.48 percent and have been classified as "AAA", the highest rating, by the Dagong Global Credit Rating. They were issued four days before the central bank announced a rise in interest rates and took four days to sell out.

Zhong Hua, executive vice president and CFO, said the bond issue was "the first step and a small step" taken by the company to enter the mainland capital market.

The company's debt to equity ratio surged from 5.2 percent in 2005 to 23.2 percent last year, but Wu Yanyan, a spokeswoman of the COSL Beijing Branch, said the percentage still had room to grow as it remained low compared with companies of a similar scale.

COSL reported a 32.9-percent rise in revenue from 2005's 4,789 million yuan to last year's 6,365 million yuan. Its market value surged by 74 percent from 12.4 billion HK dollars in 2005 to last year's 21.6 billion HK dollars.

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

New Milling Disc from IN.MOTION

IN.MOTION Technology Distribution, LLC, announced the launch of a new milling disc designed for fast, efficient beveling, weld preparation and weld repair. According to the manufacturer,

Hands Across the Water

U.S. firms leverage Netherlands-based Damen Shipyard’s vessel designs and technical support. For nearly 40 years, Damen Shipyards Group in the Netherlands has

Finance

Seaspan Takes Delivery of New Containership

Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead.    The new containership, which was constructed at Hyundai Heavy Industries Co.

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

Baltic Index Perks up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Thursday as rates for bigger vessels rose.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1656 sec (6 req/sec)