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4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  China Oilfield Services Limited    601808   CNE100000759

CHINA OILFIELD SERVICES LIMITED (601808)
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No contact yet between parties in Norway oil strike

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07/12/2018 | 04:19pm CEST
FILE PHOTO: A general view of the offshore Kristin oil and gas platform in the North Sea

OSLO (Reuters) - A Norwegian union representing striking oil workers and employers' representatives were not talking to each other as of Thursday, days before a possible escalation of the industrial action.

Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.

"We haven't been contacted by the shipowners yet. They have to make the contact, they know our demands. Could be a strategic move from them to reach out before we shut more rigs on Sunday," Safe union leader Hilde-Marit Rysst told Reuters.

The union plans to have an additional 901 workers on strike from 2200 GMT on Sunday, unless the dispute is resolved.

Those employees work on exploration and production drilling rigs owned by Saipem, Transocean, Songa Offshore, Odfjell Drilling, Archer and COSL, among others.

Still, Sunday's possible escalation is not expected to lead to any further drops in output for now.

The Norwegian Shipowners' Association, representing employers, does not intend to initiate contact with Safe on Thursday, a spokeswoman said.

"We have no contacts planned today," she said. "What happens afterwards can change any minute."

The Shipowners' Association is in contact with all drillers involved to assess the situation.

Shell told Reuters it had completed the shutdown of the Knarr field, which had a daily output of 23,900 barrels of mostly oil, but also natural gas liquids and natural gas.

Equinor, Norway's largest oil and gas producer, reiterated that the strike had halted some of its drilling and well intervention operations, though the company's output remained unaffected.

"We will continue to evaluate what is happening and will monitor the situation," said a spokesman for Equinor, formerly known as Statoil.

One strike-hit rig, the Songa Enabler, is due to drill an exploration well in the Barents Sea for Equinor in August.

"At the moment, it (this strike) will not have any immediate effect on our exploration plans. Exploration in the Barents Sea is in late summer, it has not started yet," the Equinor spokesman said.

(Editing by Gwladys Fouche and Dale Hudson)

By Lefteris Karagiannopoulos

Stocks mentioned in the article
ChangeLast1st jan.
AKER BP -1.33% 281.8 Delayed Quote.41.46%
ARCHER LTD 0.11% 8.9 Delayed Quote.-11.54%
CHINA OILFIELD SERVICES LIMITED 1.33% 9.15 End-of-day quote.-14.49%
EQUINOR -0.61% 212.8 Delayed Quote.22.20%
ODFJELL DRILLING LTD 0.64% 31.5 Delayed Quote.-14.25%
SAIPEM SPA 0.71% 4.098 End-of-day quote.6.91%
TEEKAY CORPORATION -2.81% 6.91 Delayed Quote.-25.86%
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Financials (CNY)
Sales 2018 20 434 M
EBIT 2018 1 583 M
Net income 2018 781 M
Debt 2018 18 838 M
Yield 2018 0,67%
P/E ratio 2018 76,19
P/E ratio 2019 30,14
EV / Sales 2018 2,77x
EV / Sales 2019 2,43x
Capitalization 37 695 M
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Mean consensus HOLD
Number of Analysts 13
Average target price 9,58  CNY
Spread / Average Target 4,7%
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NameTitle
Shujie Cao President, CEO & Executive Director
Mei Sheng Qi Chairman
Jun Chao Wei Chairman-Supervisory Board
Zheng Yonggang Chief Financial Officer
Han Ming Wu Member-Supervisory Board
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1st jan.Capitalization (M$)
CHINA OILFIELD SERVICES LIMITED-14.49%5 571
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