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COSL Announces Annual Results for 2021
Time:2022-03-24 Size:[ Large Medium Small ]

China Oilfield Services Limited (“COSL” or the “Company”) released its 2021 annual audited financial report today.

In 2021, under the background of the slow recovery of the global economy, the Company analyzed and studied the situation of the industry, focused on the new development concept, anchored the new development goals, formulated five new development strategies, clarified the vision of building an international first-class energy service company with Chinese characteristics. In 2021, the Company’s production and operation was stable, the operating revenue was RMB29,203 million, and net profit was RMB322 million.

For the drilling services segment, the Company adhered to a “dual circulation” development pattern in which domestic economic cycle plays a leading role while domestic and international economic cycles remain extension and supplement, strengthened market development and customer relationship maintenance, and actively promoted overseas business development.

For the well services segment, the Company continuously improved the transformation capacity of scientific research results, enhanced the scale production of technical products, and the scope of overseas markets has gradually expanded. The well services segment has achieved historical breakthroughs in revenue and profit contribution.

The Company focused on the traditional marine support services, strengthened the basic safety management, and vigorously developed green equipment. During the period, 6 new LNG-powered ships were successfully delivered, which was nearly 30% more energy-efficient than traditional ship types.

For the geophysical acquisition and surveying services segment, the self-developed marine seismic streamer acquisition equipment technology attained international advanced level. The Company organized its 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.

Looking forward to 2022, the Company will fully implement the new development concept, sincerely practice the new development strategy, adhere to green and low-carbon development, actively promote business transformation and upgrading, and comprehensively start a new journey of building an international first-class energy service company with Chinese characteristics. With higher quality development and better business performance, the Company will create unique value contributions and greater value returns for shareholders, customers, and society.