We are a leading independent(1) China-based provider of high-end(2) oilfield services in terms of technical capability, overseas and offshore project experience, and our revenue in 2011(3). It is estimated by Spears & Associates that we accounted for approximately 15% of the global revenues of independent Chinese oilfield services companies for high-end oilfield services in 2011(4), and we ranked 3rd amongst the independent China-based high-end oilfield services providers. According to the Spears Report, the global revenues for both high-end and non high-end oilfield services in 2011 amounted to approximately RMB446.8 billion (equivalent to approximately HK$554.0 billion), for which it is estimated that independent Chinese oilfield services companies accounted for approximately RMB5.2 billion (equivalent to approximately HK$6.4 billion, representing approximately 1.2%) while the others, being generally subsidiaries and affiliates of the PRC NOCs and international oilfield service providers, accounted for the remaining RMB441.6 billion (equivalent to approximately HK$547.6 billion, representing approximately 98.8%). Accordingly, based on our revenue in 2011, ...

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