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

Ship Repair & Conversion

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

Zamakona Yards' Commitment to Well-being

Recently employees of Zamakona Yards participated in a training course for maintaining Health, Safety and Environment (HSE). The theoretical practice focused on working at heights,

Keppel FELS to Deliver 100th Jackup Rig

Keppel FELS, a wholly owned subsidiary of Keppel Offshore & Marine (Keppel O&M) is on track to deliver PV Drilling VI, a KFELS B Class jackup rig, to PV Drilling Overseas (PVDO),

Finance

Indian Ports to Set Sail on Corporatization

Indian Finance Minister Arun Jaitley said in Union Budget 2015 that government-run ports in India will be encouraged to corporatize and become companies under the Companies Act.

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2517 sec (4 req/sec)