China Oilfield Services Limited (“COSL” or the “Company”) announces its unaudited financial report for the third quarter of 2020.
As of the third quarter of 2020, due to the dual impact of the continuation of the COVID-19 pandemic and the depressed global oil price, the international oil service market fell into a trough. Benefited from the continuous implementation of the domestic “Seven-Year Action Plan”, and multifaceted efforts such as cost reduction as well as quality and efficiency improvement, reasonable allocating resources, enlarging the investment in scientific research and improving management level, COSL achieved stable operating results as compared with the same period last year. In the first three quarters of 2020, operating income reached RMB21.45 billion, net profit reached RMB2.17 billion.
Under the increased efforts of the Company in market development and reasonable deployment of resources, the operating days of drilling rigs of COSL achieved an increase of 4.0% as compared with the same period of last year.
The operation volume of main lines in the well services segment has been increased. COSL adhered to build a technological innovation system, promote institutional mechanism reform, vigorously create an innovation environment, stimulate innovation momentum, enlarge its investment in research and development so as to enhance its market development, achieve technological breakthroughs in multiple professional aspects and achieve industrialization.
For the marine support services, stable operation was maintained. The number of operating days for the self-owned fleet was basically flat with a calendar-day utilization rate increased by 1.0 percentage point to 95.2% as compared with the same period of last year. In addition, the operation of the Company’s chartered vessels increased 2,574 days as compared with the same period of last year.
As for the geophysical acquisition and surveying services segment, the workload for the 2D and 3D survey decreased as compared with the same period of last year due to the outbreak of pandemic and the depressed global oil price.
In the first three quarters of 2020, benefited from the continuous implementation of the domestic “Seven-Year Action Plan”, and multifaceted efforts such as cost reduction as well as quality and efficiency improvement, the Company still managed to present more stable operating results compared with the same period of last year to the shareholders, under the dual challenges from the pandemic and low oil price. In response to the macro uncertainties such as the pandemic and industry challenges, the Company will continue strict implementation of works such as safe operation and cost control through multiple measures, striving for a stable operation for the year.
