China Oilfield Services Limited (the “Company”) announced the unaudited financial report for the first quarter of 2023 today.

In the first quarter of 2023, the Company continued to drive improvements in lean operations management, strengthened its core competitive advantages, optimised the global market presence, and matched equipment resources and production capacity to create integrated service value for customers. As a result, the workload of our equipment segment had a different degrees of improvement. The Company accelerated research and development efforts in key core technologies, optimised technology innovation ecosystem, and effectively promoted the transformation of research results. Therefore, the workload of our technology segment had a steady increase. During this period, the Company achieved an operating income of RMB 8,456.3 million, representing a year-on-year increase of 24.4%, and a net profit of RMB 456.4 million, representing a year-on-year increase of 49.1%.

The drilling segment saw a year-on-year increase in both operating days and utilization rates, with operating days increasing by 13.8% and utilization rates increasing by 4.1%. The well services segment, which includes services such as enhanced oil recovery and well logging, saw a year-on-year increase in workload for its main business lines, resulting in an overall increase in revenue. In the marine support and transportation services segment, the Company operated and managed a total of 172 vessels, representing a year-on-year increase of 17 vessels, driving a year-on-year increase of 927 to 13,695 operating days for the period, increased by 7.3%. In the geophysical and surveying services segment, the Company optimised its resource allocation in response to market demand, and part of the 3D production capacity was engaged in high-profit 2D acquisition projects, which drove up the 2D operations and then pull the overall creative ability of the segment.

The Company will continue to adapt to new industry developments, create new opportunities for business management, and steadily push forward the improvement of its competitiveness and efficiency. It will continue to promote lean management, achieve management efficiency, create core competitive advantages, promote high-quality development of the company, and create greater value for shareholders, customers, and society!