China Oilfield Services : Announces 2023 Third Quarter Res...

China Oilfield Services Limited ("COSL" or the "Company") announced today its unaudited financial report for the third quarter of 2023.

As at the end of the third quarter of 2023, the increase in the upstream investment in global exploration has driven a continuous recovery in the oilfield service industry. Focusing on core responsibilities, COSL has advanced business upgrades and enhanced management efficiency, continually strengthening its capabilities in international market expansion and integrated business development. By actively and effectively targeting high-end clients, the Company continuously obtained high-value long-term contracts in the North Sea, Southeast Asia, the Gulf of Mexico, the Middle East and other regions and achieved fruitful results in expanding the market and increasing income. The Company firmly adhered to the strategy of cost leadership, made the cost lean management covering the top-level design and the process management and strove to reduce costs and improve efficiency on a routine basis or in the long term.The Company constantly expanded the scale of "integrated" business with the high-quality full-chain service capability, improved the capability and level of "integrated" service and helped customers improve efficiency, quality and production, achieving a win-win situation between the Company and customers. For the first three quarters of 2023, the Company's revenue amounted to RMB29.507 billion, representing an increase of 21.7% as compared with the same period last year; net profit amounted to RMB2.46 billion, representing an increase of 16.1% as compared with the same period last year.

The Company has conducted the drilling rigs operated for 13,234 days, representing an increase of 908 days as compared with the same period last yea andavailable day utilisation rate of drilling rigs was 86.2%, representing an increase of 1.5 percentage points as compared with the same period last year. The Company has always adhered to the guidance of the market demand and played the technology-driven role, continuously improved the scientific research management system, reasonably and accurately matched scientific research resources, enhanced capabilities for independent innovation in science and technology and promoted the efficient transformation and output of scientific research achievements. the operation volume of each business line of well services increased. The maritime sector has maintained a stable equipment scale, with an increase in operational days. Twelve LNG powered vessels have put into operation in Bohai Sea and South China Sea. The Company focuses on the crucial period of growth in seismic data acquisition and engineering surveying business, steadily breaking through constraints in onshore operations, actively leading the transformation of research achievements, increasing the allocation of high-end equipment, and meeting the demands of high-end clients. Simultaneously, COSL are expanding its overseas market presence, achieving a leap-forward development.

The Company has consistently focused on expanding its core business in line with the recovery of the oil and gas market, concentrating on both the development of existing resources and the exploration of new opportunities. It optimizesits overseas market layout and actively pursue green development practices by developing environmentally friendly and low-carbon industries. By leading the transformation of research achievements and supporting high-quality company development, COSL strives for mutually beneficial outcomes with customers, employees, partners, and shareholders, as it moves towards becoming a world-class energy services company.