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China Oilfield Services Limited Announces 2023 Annual Results
Time:2024-03-26 Size:[ Large Medium Small ]

China Oilfield Services Limited (hereinafter referred to as "COSL" or the "Company") released its audited financial results for the year ended 2023 today.

In 2023, the global oil and gas industry accelerated its restructuring, and the oilfield service industry continued to recover. Facing a complex and ever-changing economic environment and industry situation, the Company adhered to the goal of building a world-class enterprise, and deeply implemented the five development strategies of "technology-driven", "cost leadership", "integration", "internationalization", and "regional development". We coordinated and promoted various work such as production and operation, corporate governance, and reform and innovation, and created a new situation of high-quality development. The Company's total operating income for the year was RMB 44.109 billion, and the net profit was RMB 3.283 billion.

In the drilling segment, the Company firmly grasped the opportunity of the continuous activity in the global drilling market and the steady increase in platform demand, effectively matched the supply of operating equipment with market operating demand, and signed a series of long-term, high-value contracts, gradually forming a diversified core customer base. At the same time, the Company actively promoted the transformation and upgrading of traditional large-scale equipment automation, established a deepwater oil and gas equipment industry alliance, continuously improve the efficiency of operation and maintenance, and the management capabilities of equipment, achieving double growth in operating income and operating profit.

In the technology sector, the Company has always implemented a technology-driven strategy, adhered to the customer-oriented needs of target customer groups, carried out forward-looking technology research and development, and continuously improve the efficiency of scientific research results transformation. Independent research and development of high-end drilling technology equipment represented by "Xuanji" has achieved leapfrog development. With the continuous enhancement of the technology brand effect and the large-scale application of independent technology products, the overseas market has steadily expanded, and the revenue and proportion of the technology sector have simultaneously increased.

In the vessel sector, the Company continued to consolidate the size of its reserve resource pool, comprehensively strengthens the coordination of domestic offshore vessel services and the ability to develop overseas markets, improves market response speed, guarantees the construction of a maritime power, and operates the world's largest LNG-powered protection ship. The green and low-carbon transformation path is ever clearer.

In the geophysical sector, the Company actively adapts to the new trend of global geophysical exploration development, promotes the accelerated construction of digital geophysical exploration, and continues to promote the independent controllability of key core technologies and the transformation of scientific and technological achievements. The successful operation of the "Haijing(海經)" and "Haimai(海脉)" systems marks a crucial step for China in the field of high-end marine oil and gas exploration technology.

Looking ahead to 2024, the Company will focus on enhancing core functions and improving core competitiveness, strengthening links and gathering wisdom, integrating innovation, and fully leveraging the role of scientific and technological innovation, industrial control, and safety support in building a new development pattern. We will strive to create new achievements of high-quality development and a new milestone in building a world-class energy service company with Chinese characteristics, and create greater value for customers, employees, partners, and shareholders!