China Oilfield Services Limited (“COSL” or the “Company”) today released its audited financial report for the year ended 2024.
In 2024, the layout of the global oil and gas industry continued to adjust, with the oilfield services industry maintaining steady growth. Facing a complex international landscape and industry environment, the company implemented in depth its five development strategies that stress “technology-driven”, “cost leadership”, “integration”, “internationalization” and “regional development”, as such enabled it to maintain steady growth, continuous progress and quality enhancement. In 2024, the company recorded revenue of RMB48.30 billion, up by 9.%%, and net profit of RMB3.4 billion, a 3.5% increase.
For the drilling segment, the company seized overseas market opportunities and focused on exploring large-scale, long-term, and high-value projects, consolidating its “industrial control” with “new breakthroughs” achieved in resource utilization. It continued to push forward with construction of an “offshore equipment design and construction center” to promote quality improvement and upgrade of the offshore oil and gas equipment manufacturing industry. In 2024, drilling services business generated revenue of RMB13.21 billion, up 9.4%.
Regarding the technology segment, with customer needs in mind, the company took to depth its forward-looking technology layout and built up its industrialization capabilities, promoted large-scale application of self-developed technology products and overseas market expansion, as such, enhanced both its technological brand value and operational efficiency. In 2024, well services business made revenue amounted to RMB27.66 billion, representing a 7.4% growth.
For the marine support segment, the company quickly grasped market recovery opportunities, strengthened building the capacity of vessel resource pool, thus markedly boosted its annual operation scale. It also tailored vessel allocation plan according to the needs of users drawing on its professional management advantages, which resulted in a swelling high-end customer base in the international regional market. In 2024, the marine support services business achieved operating revenue of RMB 4.77 billion, an increase of 20.9%.
Regarding the geophysical acquisition and surveying segment, the company reasonably allocated equipment resources at home and abroad to effectively release the operation capacity of the segment. In 2024, the value of new contracts of geophysical acquisition and surveying projects and revenue from overseas both reached historical high. In 2024, the operating revenue of geophysical acquisition and surveying services was RMB2.67 billion, an increase of 14.1%.
In 2025, the company will adhere to the general approach of seeking progress in stability, strengthen its confidence in pursuing development, and make breakthroughs via reforms. It will strive to achieve stable growth, promote transformation, hone its edges, guard against risks, and with value creation at the core realize substantive development, so as to complete with quality goals of the "14th Five-Year Plan" and lay a solid foundation for a good start to the "15th Five-Year Plan". It will speed up construction of a world-class energy service provider with Chinese characteristics, and strive to reward all shareholders and society with new development achievements.
