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China Oilfield Service Limited (COSL) has signed its first overseas directional geothermal well service contract with the Philippine National Oil Corporation (PNOC).

Under the two-year contract, COSL will provide engineering and technological services to 34 PNOC directional geothermal wells, according to company sources.

The contract is worth millions of US dollars, sources said without giving further details.

COSL has been listed on the Hong Kong Stock Exchange since 2002. The majority of its activities, such as drilling and marine support services, are carried out off the Chinese coast.

Its operations have extended around the world, including the America, the Middle East, Africa and Europe.