HONG KONG, Jan. 21, 2016 /PRNewswire/ -- Anton Oilfield Services Group ("Antonoil" or the "Group")( HKEx stock code: 3337), the leading independent oilfield services provider in China, is pleased to announce today that the Group has received a notification from an IOC customer operating at an oilfield in southern Iraq stating that Antonoil has been named as the preferred bidder for related oil production operation and maintenance services project on the site. In this regard, both the parties will proceed with finalizing internal approval procedures and contract signing. The contract, with an estimated value of no more than US$78 million, encompasses the provision of general maintenance services covering engineering operation and related tools for the oil production station. The project is expected to commence in the second half of 2016, with services offered spanning for a term of three years.
This secured and long-term oil production maintenance services project is destined to bring forth a steady source of income for Antonoil in the long term. The successful progression of the project signifies once again that the Group is being increasingly recognized by international oil companies for its operational capabilities in international projects, demonstrating the Group's strong competitiveness amid a low oil price environment and solidifying and even expanding its leading position in the Middle East market, in particular in Iraq. With the success of the internationalization strategy at a gradual pace, the Group is confident that it will resume its growth path and realize profit in a low oil price environment.
About Anton Oilfield Services Group
Anton Oilfield Services Group (HKEx stock code: 3337) is a leading independent integrated oilfield services provider. The Group provides products and services for the entire process of oil and gas development and production, including integrated services, drilling technology, well completion, down-hole operations, oil production as well as tubular services. The Group has established an international network across China and overseas markets, providing products and services in 14 countries including China and those in the Middle East, Central Asia and Africa area and America. With its comprehensive product lines and integrated service capacity, the Group is empowered to help oil companies solve their challenges in increasing production, improving drilling efficiency, lowering costs and optimizing waste management. Its fast growth benefits from China's advantages in natural resources and the Group's increased presence in overseas markets. Anton Oilfield is the best independent Chinese oilfield services partner, the best Chinese partner worldwide. The Group's strategic objective is to become a leading global oilfield services provider with a solid foothold in China.
SOURCE Anton Oilfield Services Group