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China Oilfield Services Limited Announces Financial Results for the First Quarter of 2024
Time:2024-04-25 Size:[ Large Medium Small ]

China Oilfield Services Limited (“COSL” or the “Company”) announced today its unaudited financial report for the first quarter of 2024.

In the first quarter of 2024, the Company firmly grasped the active period of the oilfield service market, took active measures to coordinate global resource allocation, and fully leveraged its advantages of the whole industrial chain to promote the efficiency improvement and upgrading of service quality; promoted steady growth in profitability through lean management and continuously strengthened cost control and core competitiveness; constructed technological advantages with a forward-looking and innovative mindset and strived to promote the transformation of innovation advantages into industrial advantages. For the current period, the Company’s operating revenue amounted to RMB10,148.0 million, representing an increase of 20.0% as compared with the same period last year; total profit amounted to RMB940.1 million, representing an increase of 47.8% as compared with the same period last year; net profit amounted to RMB690.6 million, representing an increase of 51.3% as compared with the same period last year.

The drilling segment benefited from the structural adjustment of high daily fee platforms, and achieved significant growth in operating revenue and profit; the technology segment gave full play to the strategic value of technology-driven business, with remarkable transformation of scientific and technological achievements, and continuous growth in the scale of revenue, which became the main driving force of the Company’s revenue growth; the marine support segment comprehensively strengthened the overall coordination of domestic maritime vessel services, with the number of operating days increasing year-on-year, and the profitability of the segment was effectively guaranteed by lean management; The geophysical segment accelerated the construction of digital intelligence geophysical and continued to expand the external market, and the operation volume of 3D acquisition overseas increased significantly year-on-year, achieving leap-forward development in revenue.

The Company will continue to adapt to the new situation of industry development, and actively respond to the new challenges of industry changes. Guided by the “five development strategies”, and safeguarded by the modernization of the governance capacity, the Company will strengthen its core strengths, promote globalization, promote the Company’s efficiency and operational resilience with new productivity, ensure the sustainable development and long-term growth in high-quality development of the Company, and continue to create greater value for customers, employees, business partners and shareholders!