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COSL Announces its 2021 Interim Results
Time:2021-08-25 Size:[ Large Medium Small ]

China Oilfield Services Limited (COSL” or the “Company”) announced the unaudited interim results for the six months ended 30 June 2021 (the “Period”) today.

In the first half of 2021, due to the continued impact of the Pandemic across the world, although the international oil prices rebounded, the investments in exploration and development of international oil companies were still lagging and remained cautions. The scale of oilfield service market had slow recovered. COSL continued to optimize production and operation, improve technology R&D capability, and optimize resource allocation, actively practiced green low-carbon development strategy. In the first half of the year, the Company’s revenue was RMB12.74 billion and net profit was RMB0.81 billion.

For the drilling services segment, due to the continuity of the Pandemic worldwide and delay in market orders, the overall operation volume of drilling rigs has declined. The Company continued to strengthen its refined management, strived to create leading cost advantages, constantly explored the standardization, modularization and serialization of management for large equipment as well as improved the industry chain. While continuing to explore the international market, the Company also fully safeguarded the efficient supply of equipment, technology and personnel for the national Seven-Year Action Plan.

As for the well services segment, the Company promoted key core technology research, enhanced the capability of transforming scientific research result, and enhanced competitiveness of technical products and services. The self-developed drilling fluid technology has reached international leading standard, and self-developed D+W system’s Drilog tools were recognized by the international market.

For the marine support services segment, the Company continued to strengthen cost control and green development concept, strived to perform cost management for single vessel, optimized energy saving and emission reduction measures and construction of safety capacity, increased quality of equipment operation and maintenance, enhanced international market expansion. The four 5,000 horsepower LNG power guard supply vessels were put into operation in the first half of 2021.

Regarding the geophysical acquisition and surveying services segment, the self-developed streamer acquisition equipment Hailiang and streamer integrated navigation system Haitu have achieved commercial production and application which filled up the related technology gap in domestic field. The Company also organized CNOOC’s first Ocean Bottom Node (OBN) operating fleet, which enabled the Company to have an OBN seismic acquisition operation capability of over 100-meter water depth.

Considering the status of world economy and international oil prices, it is expected that, in the second half of the year, upstream investments will be strengthened, oilfield service market opportunities may increase. The Company will continue to focus on research and development of key technologies, stabilize domestic market, expand foreign market, optimize the technical system, speed up launch and operation of projects and enhance the efficiency of projects under operation. It will also step up its efforts in improving quality and efficiency, and strive to achieve high quality development.