CHINA Oilfield Services Ltd, the world's best-performing oil and gas drilling stock this year, will raise 6.74 billion yuan (US$898 million) selling shares in Shanghai to fund the purchase of ships and drilling equipment.

The company will sell 500 million shares at 13.48 yuan apiece, the top end of its pricing range, China Oilfield said in a Hong Kong Stock Exchange statement yesterday. The company's Hong Kong-traded shares have more than doubled this year.