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China Oilfield Services Limited Announces 2022 Interim Results
Time:2022-08-25 Size:[ Large Medium Small ]

Today China Oilfield Services Limited (“COSL” or the “Company”) announced its unaudited interim results for the six months ended June 30, 2022.

In the first half of 2022, oilfield services market continued to recover as global oil prices continued to trend upward with fluctuations and global capital expenditures on upstream exploration and development increased significantly. The Company implemented the five development strategies in the new era, seized the opportunity of industry recovery, continuously improved the scale of output value, and effectively alleviated the cost pressure brought by global inflation, which led to the continuous strengthening of its cost leading advantages, the continuous improvement of its technology leading ability, and the steady enhancement of “integrated” competitive strength. In the first half of the year, the operating revenue reached RMB15.21 billion, representing a year-on-year increase of 19.5%, and the net profit reached RMB1.11 billion, representing a year-on-year increase of 37.1%.

In the drilling segment, we closely followed the pace of increasing domestic reserves and production, continued to expand the scope of overseas markets, and comprehensively improved our operation and management capabilities, with the number of operating days for drilling rigs increasing by 21.9% year-on-year and the utilization rate of both jack-up drilling rigs and semi-submersible drilling rigs reviving.

In the well services segment, guided by customers' technical needs, we continued to promote scientific and technological innovation, improve our independent manufacturing capability, accelerate the transformation of scientific research results, enhance our overseas technical service capability, and actively explore overseas markets, with an increase in operation capacity in all major business lines in the first half of the year.

In the marine support and transportation services segment, the number of operating days and utilization rate of vessels increased year-on-year by giving full play to the collaborative support capability of each operating area, scientifically coordinating resources, optimizing market strategies, actively researching and innovating green and energy-saving technologies, and implementing refined production management.

In the geophysical acquisition and surveying segment, we actively overcame the impact of reduced operation capacity, rationalized the allocation of resources, fully utilized the integrated functions of equipment, and fully implemented refined management, resulting in a year-on-year increase in operating revenue.

In the second half of 2022, it is expected that the upstream investment in oil and gas will continue to strengthen and the oilfield services market opportunities will increase. The Company will actively promote the key core technology research and development and the promotion and application of new technologies, improve the quality of large equipment operations, enhance service capabilities and service efficiency, deeply reduce costs and improve quality and efficiency, and promote high-quality development to a new level.