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China Oilfield Services Limited Announces 2022 Third Quarter Results
Time:2022-10-27 Size:[ Large Medium Small ]

Today, China Oilfield Services Limited (“COSL” or the “Company”) announced its unaudited financial report for the third quarter of 2022.

As of the third quarter of 2022, the Company actively grasped the favourable opportunity of increased investment in exploration and development, proactively overcame the unfavourable factors such as the continued impact of the pandemic, rising raw material prices and oilfield service prices not yet fully recovered, insisted on cost reduction and efficiency management improvement, promoted scientific and technological innovation and development, strengthened global market development and transformation of scientific research results, focused on optimal allocation of resources, enhanced team capacity building and made every effort to ensure stable and orderly production and steady improvement in operating results. In the first three quarters of 2022, the operating revenue amounted to RMB24.246 billion, representing an increase of 21.9% as compared to the corresponding period of last year, and net profit amounted to RMB2.113 billion, representing an increase of 44.5% as compared to the corresponding period of last year.

The operating days of the Company's drilling rigs increased year-on-year, and the calendar day utilization rate increased by 12.3 percentage points year-on-year. The Company insisted on taking customers' technical needs as a guide, made efforts to tackle problems in key technologies, continuously improved independent research and development and manufacturing capabilities to promote industrial transformation and upgrading. In the third quarter, the operating volume of various business lines of well services business increased, and the number of operating days of marine support increased by 2,995 year-on-year, or 8.1 percentage points. The Company actively promoted the market layout and industrial structure adjustment of geophysical services segment, and expanded the acquisition business’s operation of ocean bottom node to enhance the oil & gas exploration capacity.

The Company will adhere to the five development strategies as the guide, focus on the integrative development of its main business, optimise the scientific and technological innovation ecology, improve the high-quality development system and mechanism, and spare no pains to promote the Company's production and operation to a new level, so as to provide customers with safer, better quality, more efficient and more environmental-friendly oilfield service business.