China Oilfield Services Ltd (COSL) said three months to March net profit was 891.35 million yuan ($127.27 million), up 35.5 percent year-on-year due to strong orders as well as lower finance costs.

In a statement filed with Shanghai stock exchange, the company said operating revenue rose 23.7 percent to 2.50 billion yuan in the first quarter on increased exploration business in Myanmar as well as a rise in service charges.

Finance costs fell by 34.7 million yuan.

Investment income rose 192.2 percent to 59 million yuan due to the strong performance of its joint ventures.

At the end of March, the company operated 15 drill rigs, including 12 jack-up rigs and 3 semi-submersible rigs, three of which have been contracted overseas.

Drilling services booked 1,181 working days of operation at the end of March, down 9.7 percent, after the company upgraded some rigs during the period.

In the first quarter, the company's 73 working vessels operated a total of 5,978 days, up 3.9 percent.

The company said it will provide geophysical services for a British company in April with the contract worth 200 million yuan.

Exploration business in Myanmar rose 64.5 percent year-on-year.

Earning per share came in at 0.20 yuan in the first quarter, against 0.16 yuan a year earlier.