Pre-marketing for China Oilfield Services begins

Credit Suisse First Boston and Merrill Lynch launch a $250 million to $350 million IPO for CNOOC group company, China Oilfield Services Ltd.

At a time when the primary markets have been able to offer little but defensive equity plays with high dividend yields, joint bookrunners CSFB and Merrill are attempting to sell a growth stock tied to the development of China's offshore oil reserves.

Two weeks of pre-marketing and a further two weeks of roadshows will see a deal for China Oilfield Services price in mid-November representing up to 35% of the company's issued share capital ex shoe. Potentially raising $350 million, the transaction has the usual 90%10% split between institutional and retail investors and standard 91%9% split of new and old shares. Co-leads are BOCI, CLSA, ICEA and UBS Warburg.

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