China Oilfield Services Limited (“COSL” or the “Company”) today released its 2025 interim results.
In the first half of 2025, amid a complex external environment, the Company remained committed to the goal of achieving world-class excellence. Through persistence in broadening and deepening strategic planning, boosting the impact and accuracy of strategy implementation, and advancing coordination in production, operation, reform, and development, the Company recorded revenue of RMB23.32 billion, up by 3.5% year-on-year, with net profit attributable to shareholders of the parent company of RMB1.96 billion, a year-on-year increase of 23.3%.
The drilling segment continued to improve quality and efficiency in the first half of the year, with continuous breakthroughs achieved in deep-water and deep-layer operations, as well as the orderly operation of high daily-rate overseas projects. Calendar day utilisation rate of drilling rigs reached 91.2%, representing an increase of 10.4 percentage points compared with the same period of last year. Revenue totaled RMB7.24 billion, a year-on-year increase of 12.8%.
The technology segment fully leveraged the advantages of a comprehensive industrial chain and efficiently coordinated internal resources to construct an integrated engineering service system, achieving revenue of RMB12.38 billion while maintaining a healthy profit margin. The segment’s independent technical services have accelerated the pre-assessment of key overseas customers' qualifications, laying a solid foundation for further expansion into the overseas markets.
The marine support segment maintained a strong and stable share of the domestic market, and its reserve of equipment resources and allocation capabilities have continued to improve. It successfully completed the overall floating installation and towing of the world’s first 100,000-tonne floating platform, demonstrating significant advantages in the specialised operations field. The segment generated revenue of RMB2.61 billion, a year-on-year increase of 19.8%.
The geophysical acquisition and surveying segment focused on new developments and demands in exploration and development, continuously bolstering its capabilities in independent geophysical equipment, and vigorously promoting the establishment of a key laboratory for marine geophysical equipment technology. With the Company's equipment scale advantage and the operational experience amassed, it promoted the upgrading and transformation of geophysical equipment technologies, and accelerated its progress towards high-end and large-scale development. Revenue for the period reached RMB1.1 billion, remaining stable over the last corresponding period.
In the second half of 2025, the Company will focus on achieving its goals and ensuring effective execution, concentrating efforts on enhancing quality and efficiency. It will strive to accomplish key tasks such as reserve growth, production enhancement, service guarantee, technological innovation, lean management, and risk prevention and control. With value creation at the core of its connotative development, the Company aims to reward all shareholders and society with favorable performance.
