CHINA Oilfield Services Ltd yesterday said profit more than doubled in the third quarter as record crude prices spurred companies to increase spending on exploration.
Net income climbed to 1.21 billion yuan (US$177 million), or 0.27 yuan a share, from 604 million yuan, or 0.15 yuan a share, a year earlier, the Beijing-based firm said in a statement to the Hong Kong stock exchange.
Sales rose 29 percent to 2.96 billion yuan.
The unit of China National Offshore Oil Corp, the nation's largest offshore oil producer, gained as China searched for oil and gas in coastal waters to overcome stagnant output from older fields, Bloomberg News said.
The firm paid 17.1 billion yuan for Norway's Awilco Offshore ASA, it said last month.