OREANDA-NEWS. August 01, 2011. China Oilfield Services Ltd, the leading integrated services provider to offshore fields in the country, announced plans to raise not more than RMB 7 billion via a private placement.

The company said in a statement filed with the Shanghai Stock Exchange, it has received approval from China Securities Regulatory Commission to issue up to 500 million A shares in the private placement.

However, the firm did not disclose the timetable.

Last May, the Chinese oilfield service provider announced the same fundraising plan and said to use the proceeds to fund five oilfield projects, principally involved in vessel construction.

In the first quarter of this year, the company earned RMB 967.1 million in net profit, down 1% year on year from RMB 977.3 million, and its operating revenue decreased 3.1% year on year to RMB 3.81 billion from RMB 3.93 billion. Earnings per share for the same period reached RMB 0.21, sources reported.