HONG KONG, July 20, 2015 /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 that the Group has received a notification from an international oil company customer operating oilfield projects in south Iraq that the Ministry of Oil of Iraq has lately cleared the general contract awarded to Antonoil for the provision of oilfield workover and completion services. Internal approval procedures have been undergoing at this point in time for the finalization of the said contract by the parties concerned.
The contract, with an estimated value of USD140 million, covers workover and completion services for more than 160 wells and acidizing service for over 60 wells. The four workover rigs required for the operation will be supplied by the Group. According to the pre-set schedule, the project is expected to commence in the first half of 2016, with services offered spanning for a term of three years. As the Group had obtained from the customer a letter of commitment for the project last October and further initialed the contract in January this year, as soon as internal approval procedures are completed and formal signing of the contract concluded to make the contract effective in the final stage of project confirmation, the Group will kick off preliminary preparation for the project in the short run.
The winning of this project signifies Antonoil's continuous efforts to strengthen its cooperation with international customers in overseas markets. With Antonoil being increasingly recognized by renowned international oil companies for its operational and service capabilities as well as project management expertise in markets including Iraq, it is believed that the project's success would further lead to rapid growth of overseas business of the Group.
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-service, drilling technology, well completion, down-hole operations, oil production as well as tubular service. The Group has established an international network across China and overseas markets, providing products and services in 14 countries including China and those in 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