China Oilfield Services Limited (“COSL” or the “Company”) announces its 2024 interim results.
In the first half of 2024, facing complicated market competition, the Company stayed true to reform deepening as the source of momentum. It steadily promoted five development strategies of technology-driven, cost leadership, integration, internationalization and regional development, with new progress achieved constantly. As a result, a sound development trend featuring diversified customers, high-end markets, intangible technologies, intelligent equipment, modernized governance, and systematic capabilities was secured. In the first half of the year, the Company achieved operating revenue of RMB 22.53 billion, a year-on-year increase of 19.4%; net profit amounted to RMB 1.71 billion, reflecting a year-on-year increase of 17.4%.
In the drilling segment, the Company continued to explore internal lean management and digital operation solutions, actively responding to changes in the overseas market. Benefiting from increased overseas workload, operating revenue reached RMB 6.42 billion, an increase of 18.2%;
In the technology segment, the Company continued to advance independent innovation capabilities, accelerated the promotion of self-developed systems, and achieved breakthroughs and results in offshore oil and gas exploration, development, and production. The Company steadily improved the output and conversion of scientific research results. The operating revenue reached RMB 12.83 billion, an increase of 20.8%;
In the marine support services segment, the Company focused on the “differentiated” needs of customers, provided “customized” services, steadily enhanced the reserve capacity of the equipment resource pool, and ensured the supply of vessel resources. The market share of China's offshore market continued to increase, and the overseas marine business simultaneously achieved high-quality development. The operating revenue reached RMB 2.18 billion, an increase of 14.2%;
In the geophysical acquisition and surveying services segment, the Company is committed to transforming high-quality equipment and technical capabilities into high-quality market development capabilities. The proportion of overseas operating income of the sector exceeded 50% for the first time, promoting the widespread application of domestically produced seismic exploration equipment. Operating revenue amounted to RMB1.1 billion, an increase of 20.4%.
In the second half of the year, it is expected that global investment in upstream exploration and development will maintain a stable growth trend, and the market demand for oilfield services will continue to expand. The Company will accelerate the cultivation of new quality productive forces in energy services, build world-class core competitiveness, and continue to enhance its corporate governance capability and level of governance, so as to provide feedback to all shareholders and the community with new achievements in high-quality development!
