China Oilfield Services (COSL) has written down the value of its Libyan assets by 14% to account for potential impairments due to civil war. Libya accounts for only 1% of the company’s revenues, and there is no evidence as yet that its drilling rigs have been damaged, said Chief Financial Officer Li Feilong. Since late February it has suspended operations at its five land-based drilling rigs in Libya and brought home 77 workers. COSL posted a 4.7% year-on-year fall in net profit in the year’s first-half to CNY2.07 billion; and a 6.7% sales decline to CNY8.14 billion. The average rig utilization rate fell to 94% from 100%. Chief Executive Li Yong said second-half drilling rates will rebound due to contributions from higher value-added services such as those for deep sea operations. Some rigs redeployed or upgraded in the first-half will start to contribute in the second-half. First-half work volume was also cut by oil spills and the shut-down of two offshore drilling platforms in northern China at a project operated by U.S. firm ConocoPhillips and 51%-owned by CNOOC which is COSL’s largest customer.