Sharp profit rise powers overseas push

Expansion course ... China Oilfield Services is looking to expand its exploration and production operations overseas next year, says chief executive and president Yuan Guangyu.

'We will continue to lead in the offshore China market while looking out for suitable expansion in overseas markets, including Southeast

Asia,' Mr Yuan said yesterday.

Last year, the company earned a net 701.72 million yuan, or 17.56 fen a share, up 50.6 per cent from 2003. It will pay a final dividend of 4.39 fen per share. Turnover rose to 3.82 billion yuan from 3.06 billion yuan.

The improved earnings came on the back of strong global economic growth and high oil prices.