Anton Oilfield Services Group, one of China's largest privately-controlled providers of oil and gas drilling-related products and services, saw a sharp rise in its uncompleted orders after it received US$140 million of orders from an unidentified international oil producer on a project in Iraq earlier this month.
The Beijing-based firm's order book swelled to 2.84 billion yuan currently, compared to 1.82 billion yuan at the end of June last year, president Pi Zhifeng told reporters on Thursday.
Iraq, which is eager to boost its oil output despite falling oil prices, has become a hotbed for mainland oilfield services firms - both state-backed and non-state ones - to grab orders.
"While profit margins are getting thinner the world over nowadays, overseas orders are much more lucrative than mainland ones," Pi said, adding Anton is in talks on potential business in Iran where economic sanctions are set to be lifted and oil export resume soon.
He said mainland service providers have a cost advantage compared to their bigger international rivals, as low oil prices saw customers look to lower costs in their drilling projects.
Anton has received over 10 million euros worth of orders in Iran in the year's first half.