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China Oilfield Services Limited Announces First Quarterly Results of 2022
Time:2022-04-28 Size:[ Large Medium Small ]

China Oilfield Services Limited (“COSL” or the “Company”), today announced the unaudited financial report for the first quarter 2022.

In the first quarter of 2022, the international oil prices showed overall upward movement and capital investment in upstream exploration and development continuously increased. The oilfield services industry showed a clear recovery trend. The Company accelerated key technology research and scale application of self-developed products, vigorously promoted overseas and domestic market development, achieved significant progress in integration and new energy business, and continued to build a systematic, structural and long-term cost reduction mechanism, resulting in certain increase in the major workload and equipment utilization rate of each segment during the period. In the first quarter of 2022, the Company's revenue was RMB6,798 million, representing an increase of 15.2% as compared with the same period last year; and net profit was RMB306 million, representing an increase of 66.2% as compared with the same period last year.

The number of operating days of the Company’s drilling rigs increased, and the calendar day utilization rate increased by 10 percentage points; the number of operating days of vessels increased by 1,082 days as compared with the same period last year, the vessel utilization rate remained high and increased steadily; as for the geophysical acquisition and surveying services segment, the Company improved the research and development of technical products, promoted the layout of overseas markets, and continued to optimize the allocation of production capacity; the Company continued to develop its self-researched technology, achieved remarkable results in market development, and effectively optimized the quality of technical services and products, resulting in continuous increase in the workload of the main business lines of the well services segment.

The Company will strive to seize the development opportunities in the industry, closely track customer needs, continuously improve its core competitiveness with scientific and technological progress, enrich cost control initiatives with positive innovation awareness, enhance risk control capabilities with more refined management, and meet the domestic demand for exploration and development while increasing its efforts in overseas market development, further enhance the Company’s value creation and return capabilities, and achieve sustainable high-quality development.