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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Mitsubishi Super Skiving System

Mitsubishi Heavy Industries, Ltd. (MHI) has completed development of the "Mitsubishi Super Skiving System" for machining internal gears with high speed and outstanding precision.

Messer to Debut MetalMaster Xcel

Messer Cutting Systems said it has answered the call from manufacturers that have been demanding a faster, more accurate way of producing cut parts. Messer’s

Finance

Yara Reports Strong 3Q Results

Yara International ASA delivered strong third-quarter results, with record fertilizer deliveries and continued margin benefit from lower European gas price. "Yara

Lerwick Port Awards £16.5 mi Expansion Contract

Lerwick Port Authority has awarded a construction contract for the latest expansion of the harbour’s facilities in a project costing a total of £16.5 million

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1057 sec (9 req/sec)