The Board of Directors of China Oilfield Technology Services Group Limited & its subsidiaries, issues financial update & a warning. The Group expects challenging market conditions to continue in the next financial year and the foreseeable future. To reduce its reliance on the PRC oilfields market, the Group will continue its efforts to develop the overseas market. However, the development of the Group’s overseas business will require time. Moreover, the slowdown in the global economy, the European debt crisis and the general uncertainties in the energy industry have contributed to the challenges faced by the Group. Although the manufacturing cost of the submersible linear oil pumping units developed by the Group has decreased recently…