China Oilfield Services Limited ('COSL' or the 'Group') announces the unaudited results for the three months ended 31 March 2018 (the 'Period').

In the first quarter of 2018, facing the challenge with relation to oversupply in the overall oilfield services industry, the Group recorded operating revenue of RMB3,427.9 million, representing an increase of approximately 12.1% year-on-year, through the continued delicacy management enhancement, domestic markets consolidation and full-speed overseas markets development.

In view of the business of Group's four major segments, the operation work load of Group's all major business lines presented different degrees of increase during the Period. For drilling segment, the calendar day utilization rate of jack-up rigs increased to 63.1% year on year; the calendar day utilization rate of semi-submersible rigs increased to 46.3% year on year. For well services segment, the operation work load of certain business lines recorded an increase with corresponding rise in the overall revenue. For marine support and transportation services segment, the operation was stable during the Period and the operation days of the self-owned vessels of the Group increased year on year with the calendar day utilization rate improving to 88.1%. For geophysical and surveying services segment, except that the 3D acquisition business demonstrated a year-on-year decrease in the operation work load, other business lines performed an increase in the operation word load or the same operation word load as compared to the same period of last year.

Mr. Qi Meisheng, Chairman of the Company said, 'Recently, the international oil price has rebounded to a stable level, which is favourable to the recovery of the demand of the oilfield services industry. Through the past year's efforts in market developing and running, the equipment segment and technology segment of COSL have both achieved a number of breakthroughs in the international market contracts, most of which will be exercised in the second quarter. It is expected that the operation work load of each segment will continue to improve as compared to the first quarter and the operating results will also be enhanced. In order to stay committed to the healthy and sustainable development spirit of the Group, the Group has begun its new journey as'second venture'. In the future, the Group will adhere to the dual 50% development route and focus on strengthening its profitability, in view of striving to be a more competitive integrated oilfield services provider.'

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COSL - China Oilfield Services Limited published this content on 27 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 April 2018 09:29:01 UTC