China Oilfield Services Limited (“COSL” or “the company”) successfully held its first extraordinary general meeting (EGM) in 2019 at its headquarters in the town of Yanjiao on the morning of 18 December. The meeting was chaired by Chairman Qi Meisheng and attended by its related directors and supervisors and representatives of its senior management. Witnessed by two lawyers from law firm, it was also attended by representatives from its parent company China National Offshore Oil Corporation, some of the public shareholders and agents and also some investors.

Combining both on-site and online voting, the meeting reviewed and passed five resolutions.

1.      To consider and approve the resolution in relation to the revision of the annual cap of the continuing connected transactions of 2019 under the Master Services Framework Agreement for years 2017-2019;

2.      To consider and approve the resolution in relation to the annual caps of the continuing connected transactions for the upcoming three years;

3.      To consider and approve the resolution in relation to the US dollar loan by the overseas subsidiary, COSL MIDDLE EAST FZE, and the provision of guarantee by the Company;

4.      To consider and approve the resolution in relation to the provision of guarantee for the issuance of US dollar bonds by an overseas subsidiary;

5.      To consider and approve the resolution in relation to the issuance of US dollar bonds by an overseas subsidiary in 2020.

At the meeting, the company and investors held-in depth and friendly talks. In recent months, as the international oilfield services market continues to recover and domestic development and exploration continue to accelerate, COSL sticks with its strategy of “technological and international development” by actively deploying its global equipment resources to meet the demand both in domestic and abroad. The well services segment sees further development as the commercialisation and industrialisation of autonomous technology continuously speed up. In the meantime, the company explores modernisation of its governance system actively and implements a series of reform measures, further enhancing its operations and realising its high-quality development goals in phases.

At 3pm, online voting ended. As a result, all resolutions were passed, the meeting concluded successfully.