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COSL Pursues First-class Performance with Strategic Vision and Determination
Time:2022-11-09 Size:[ Large Medium Small ]

China Oilfield Services Limited (hereinafter referred to as "the Company", stock code: 601808 (A share), 2883 (H share)) implements the Five Major Development Strategies guiding the Company to develop into an international first-class energy service provider with Chinese characteristics in the new era, namely technology-driven, cost-leadership, integration, internationalization and regional development. The Company served as a key role in providing energy service, forged ahead in tackling difficulties and effectively dealt with various risks and challenges, making hard-won achievements. With the safety production in a stable and organized situation, the Company achieved a steady improvement in operation management, profitable overseas business, remarkable achievements in science and technology innovation, initial results in management improvement, and continuous efforts in cost management, resulting in remarkable improvement in operation quality. For the first three quarters of 2022, operating revenue was RMB24.246 billion, an increase of 21.9% year on year, and net profit was RMB2.113 billion, an increase of 44.5% year on year.

In the drilling services segment, the Company actively responded to the government’s call to strengthen reserves and production, continuously planned and expanded overseas markets, and comprehensively improved the operation and management capability. The utilization rate of jack-up and semi-submersible drilling rigs staged a recovery. In the well services segment, with the guidance of technical requirements, the Company continued to promote the technological innovation, improved its capability of independent manufacturing, accelerated the transformation of scientific research results, enhanced its overseas technical service capabilities, and actively explored overseas markets, resulting in an increase in operations of all major business lines. In the marine support services segment, the Company gave play to its strengths of providing cooperative support for operation waters, managed resources in a scientific manner, optimized market strategies, actively developed and innovated green energy-saving technologies, and executed the refinement production management, resulting in a year-on-year increase in the overall operating days. In the geophysical acquisition and surveying services segment, the Company continued to promote market deployment and industrial restructuring, promoted ocean bottom node acquisition services, and helped enhance oil and gas exploration capabilities.

The Company continued to promote the corporate governance level, unremittingly improved the quality of operation and development, significantly enhanced the strength of equipment technology, thus constantly made new breakthroughs in the new journey of high-quality development, being highly regarded and fully recognized by the domestic and overseas capital markets.

In the future, guided by the Five Major Development Strategies, the Company will continue to deepen reform and improve governance efficiency to perfect the high-quality development system and mechanism; insist on working in a sustainable operating model, target on balancing the development of economic, society and environment endeavors to provide our clients with safe, high quality, effective and eco-friendly full-life cycle services, striving for a win-win benefit with our shareholders, clients, staff and business partners; improve its comprehensive strength on an ongoing basis, and strive to create a new situation of international first-class energy service provider with Chinese characteristics.