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China Oilfield Services Limited Announces 2022 Annual Results
Time:2023-03-23 Size:[ Large Medium Small ]

China Oilfield Services Limited (“COSL” or the “Company”) released the audited financial report for the year ended 2022 today.

In 2022, the oilfield service industry has been gradually recovered, and global oilfield service enterprises accelerated to explore new ways of production and new technology services affected by the transformation of green low-carbon operation. Facing with complicated and changing economic situation and accelerated transformation of the industry background, the Company took prudent approaches in decision-making, insisted on seeking progress while maintaining stability and thoroughly implemented five development strategies of “technology-driven”, “cost-saving”, “integration”, “internationalization” and “regional development” for pushing forward high-quality development of the Company with joint efforts. The Company has realized stable and orderly production and operation during the year, with operating revenue of RMB35.659 billion and net profit of RMB2.493 billion.

In the drilling segment, following the recovery of the offshore oil and rising demand for global drilling rigs, the Company continued to improve the market matching accuracy and market response speed of the drilling platform, reasonably allocated domestic large-scale equipment resources to ensure the construction of a maritime power and accelerate the exploration and development of deep-sea petroleum and natural gas, accelerated the adjustment of the global market layout beyond China, improved the support and guarantee capabilities of the international supply chain, and made every effort to improve security governance and continuously optimize comprehensive management and utilization efficiency of large-scale equipment.

In the well services segment, the Company actively practiced the technology-driven strategy, optimized the allocation of technology talent and resources, deepened the reform of the technology system, strengthened the integration between technology and market, and accelerated the layout of integrated competitive advantages, so the revenue and profit contribution remained up  year-on-year. In addition, the Company closely followed the development trend of technology, continued to improve its value-oriented research management system, achieving a series of technological achievements and breakthroughs in application transformation.

In the marine support and transportation 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 and took effective measures to control the social vessel resources so as to ensure the availability of vessels in an all-around way. A total of 12 LNG powered vessels were delivered, forming the largest LNG powered vessel fleet in the  OSV (Offshore Support Vessel) industry around the world.

In the geophysical and surveying services segment, the Company actively promoted the technological transformation and upgrading, steadily advanced the research and development of independent acquisition equipment and industrialization, reasonably allocated resources, optimized resource-sharing, continued to enhance the independent management capability of operation units, and fully improved the comprehensive utilization capacity of large-scale equipment.

Looking forward to 2023, guided by the high-quality development, COSL will promote the implementation of cost control, technology marketing, technical research and development, talent team, brand image and organizational efficiency with effectiveness, and move towards a world-class energy service provider with Chinese characteristics, creating greater value for shareholders, customers and society!