China Oilfield Services Limited (“COSL” or the “Company”) today announces its unaudited financial report for the first quarter of 2021.

In the first quarter of 2021, the global oilfield services market recovered slowly and still faced the pressure of oversupply. Adhering to the strategy of “technological and international development,” the Company increased the input in R&D and the output of scientific and technological achievements, continuously enhanced its core competitiveness, strived to expand domestic and overseas markets, and maintained its strategic focus and technology reserve under the complicated industry situation. For this period, the Company recorded operating revenue of RMB5,903 million and net profit of RMB184 million.

In the first quarter, the Company organized a new round of actions on cost reduction, quality improvement and efficiency improvement. Through various cost reduction measures, the Company effectively achieved cost management, improved operating efficiency and carried out all-round and systematically quality and efficiency improvement. In the future, the Company will strive to increase the operating profit ratio and the ratio of profits to cost.

The Company will continue to strengthen production and operation capacities, deepen technological innovation and upgrading, accelerate R&D of mainstream technologies in the industry as well as digital transformation, create a stable industrial chain and supply chain system, optimize resource allocation, and implement lean management. The Company will thoroughly implement development requirements on ecological civilization, and practice green and low-carbon development strategy. The Company will strive to seize the industry opportunities to reach new development heights.