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China Oilfield Services Limited Announces Third Quarterly Results of 2021
Time:2021-10-28 Size:[ Large Medium Small ]

China Oilfield Services Limited (“COSL” or the “Company”) today announced the unaudited financial report for the third quarter 2021.

As of the third quarter of 2021, despite the oil price rebounding, international oil company investment in oil exploration and development continued to stay behind and prudent. Meanwhile, continually affected by COVID-19, the oilfield services market picked up slowly. Against the backdrop of steady growth of domestic economy and continuous promotion of safeguarding national energy security strategy, the Company further optimized production and operations and profoundly promoted cost reduction and efficiency increase to ensure smooth operation throughout the year. In the first three quarters of 2021, the Company’s operating revenue amounted to RMB19.882 billion and the net profit amounted to RMB1.463 billion.

In the first three quarters, the profitability of the well services segment improved, the marine support services operation was stable, and the workload of ocean bottom cable and ocean bottom node were very full for the geophysical acquisition and surveying services segment, the overall operation volume of drilling services segment declined. The Company continued to develop both domestic and overseas markets, went all out to make breakthroughs in key and core technologies, took the important task of being the pioneer of technology development, and provided solid technical support for promoting deep-sea oil and gas exploration and development.

In the future, the Company will seize development opportunities, overcome challenges, implement the new development concept, and build a new development pattern with practicing the five strategies of “technology driven, cost leadership, integration, internationalization, and regional development”. It will further modernize its governance system and capability, strive to build a world-class energy service company with Chinese characteristics in an all-round way, so as to continuously create higher value for shareholders, customers, employees and partners.