China Oilfield Services Limited (“COSL” or the “Company”) today released its unaudited financial report for the first quarter of 2025.
For the period, the company focused on the evolving global oil and gas resource landscape, embracing the customer-centric service philosophy of creating value for customers. It continued to optimize resource allocation and expand potential-rich markets. Taking advantage of its fully integrated industrial chain, the company promoted synergistic development of intelligent equipment and low-carbon technology, and strengthened its core competitiveness, as such saw steady improvement of its operating results. Revenue for the period was RMB10.80 billion, up by 6.4% year-on-year. Net profit attributable to shareholders of the parent company amounted to RMB890 million, 39.6% more year-on-year.
The company improved the quality and efficiency of its drilling segment thanks to lean management, it realized dynamic resource allocation and highly effective linkage of work processes, resulting in markedly raised utilization rate of the drilling platforms. As for the technology segment, the company speeded up transformation of scientific research achievements and intelligent manufacturing of independent technologies and products, and saw year-on-year growth in both operation volume and revenue. For its marine support service segment, the company capable of managing large-scale fleet together with applying low-carbon technology realized breakthroughs in both operation volume and sustainable development. For the geophysical segment, the company continued to push for technological transformation and breakthroughs were made in deep-sea and deep-layer seismic data imaging and processing technology, and achieved year-on-year increase in operation volume of ocean bottom.
The company will focus on its set strategic goals, seeking drive from in-depth reforms and removing any systematic flaws that affect and limit its high quality development, clear the bottlenecks and obstacles that impact and hinder comprehensive innovation, and speed up modernizing governance systems and capabilities, so as to propel the company to realize yet higher quality development.
