Antonoil Announces Renewal of Strategic Cooperation Agreement with Schlumberger

HONG KONG, Sept. 25, 2013 /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 the renewal of a strategic cooperation agreement with Schlumberger, the leading global oilfield services company, for a term of three years. The agreement will strengthen the strategic cooperation between both parties involving market, products, procurement and managerial support.

The Group's cooperation with Schlumberger began in 2006. In 2010, the two companies entered into their first strategic cooperation agreement for a one-year term, and in 2011 renewed the agreement for another two years. Further to the amicable and fruitful cooperation between the two companies, Schlumberger took the next step in July 2012 in becoming a shareholder of Antonoil, followed by the signing of a joint venture agreement with the Group in September that year. The joint venture was established to provide integrated project management services for onshore oil and gas field development in China. In 2013, both parties entered into a mutual supply and purchase master agreement upon the approval of independent shareholders, which further deepened the cooperation.

Compared with previous strategic cooperation agreements, the latest renewal has gone further by expanding the geographical coverage from regional markets to the entire Chinese land market and broadening the scope from standalone services to a full range of services in multiple clusters, and from one-way procurement to mutual supply. Also the new strategic cooperation has added a component of managerial cooperation.

The Group believes the strategic cooperation is bound to add value to its clients, thereby promoting further development of both the Group and Schlumberger in the Chinese market.

About Anton Oilfield Services Group

Anton Oilfield Services Group (HKEx stock code: 3337) is a leading independent oilfield services provider in China offering one-stop oil and gas field development technical services to oil companies. Its services and solutions span across the drilling technology, well completion, down-hole operation, and oil production stages in the development process. Its fast growth benefits from the expanding development of natural gas in China and the Group's increasing presence in the overseas markets. At the same time, Antonoil is committed to continuously strengthening its R&D capabilities and making additions to its talent reserves. The Group's strategic objective is to become a global oilfield services provider with a solid foothold in China.

Antonoil is headquartered in Beijing with sales offices and operations bases across China's major onshore oil and natural gas basins. The Group also has an international headquarters in Dubai with an extensive network across the Middle East, Central Asia, Africa, and Americas.

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SOURCE Anton Oilfield Services Group