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China Oilfield Services Limited Announces 2023 Interim Results
Time:2023-08-23 Size:[ Large Medium Small ]

Today China Oilfield Services Limited (“COSL” or the “Company”) announces the interim results for 2023.

In the first half of 2023, COSL focused on its core responsibilities, promoted industrial upgrading and management efficiency, strengthened international market expansion capabilities and integrated business development capabilities, continuously expanded its operational scale and profit space. The company achieved a revenue of RMB 18.87 billion and a net profit of RMB 1.46 billion.

In the Drilling Sevices Segment, the global drilling market continued to be active, and the demand for jack-up rig steadily increased. Focusing on the effective matching of equipment resources and market demand, the Company adhered to the idea of whole life cycle management, improved the lean management level in an all-around way, thereby providing customers with safer, better and more efficient drilling operation services.

In the Well Services Segment, focusing on the development trend of the industry and the requirements of primary customers, the Company made great efforts to tackle problems in key technologies, exerted more control over key nodes of scientific and technological innovation, promoted the efficient output and transformation of scientific research achievements, and continuously improved its core competitiveness and technological performance. 

In the Marine Support Services Segment, the Company stuck to the safety bottom line, enhanced the capability to respond to emergencies, undertook urgent, difficult and dangerous tasks for customers, fully satisfied the demand on vessels for strengthening reserves and production in China, actively promoted clean energy substitution in the exploration and development process, and focused on lean costing management to optimize business development model.

Geophysical Acquisition and Surveying Services Segment, the Company optimized the allocation of resources while keeping up with the market demand, actively promoted the global operation of geophysical services, made sustained efforts to advance technological transformation and upgrading, and increased the industrial application of independent equipment technologies to provide customers with better products and services for exploration and discovery.

In the second half of the year. The global investment scale of upstream exploration and development will be significantly expanded as a whole, and demands of oilfield service market will continue to recover. The company will also adhere to new development concepts, implement high-quality development requirements, the Company will continue to implement the five development strategies,focus on improving organizational efficiency, and promote organizational innovation to consolidate the trend of continuous improvement in production and operation. COSL actively practices the concept of green development, develops green and low-carbon industries, and provides customers with high-quality oilfield equipment and technical services to create greater value for shareholders, customers and society.