China Oilfield Services' Unit Cuts Jobs After Norway's Statoil Cancels Contract
June 25 2015 - 7:11AM
Dow Jones News
By Chester Yung
HONG KONG--China Oilfield Services Ltd. (2883.HK), a unit of
state-owned Cnooc Group, said Thursday Norway's Statoil ASA
(STL.OS) has canceled the service contract of its drilling rig.
The Hong Kong-listed oilfield service provider said Statoil has
agreed to compensate the company due to the cancellation. It didn't
state the value of the compensation.
COSL said its unit in the North Sea announced 229 job cuts after
the contract cancellation.
Write to Chester Yung at chester.yung@wsj.com
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