COSL Announces Annual Results for 2020

  • Mar 24, 2021
  • COSL

China Oilfield Services Limited (“COSL” or the “Company”) released its 2020 annual audited financial report today.

In 2020, facing the dual challenges of COVID-19 pandemic (“Pandemic”) and low oil prices, the Company adhered to its strategy of “technical development and international development”, actively coordinated the Pandemic control and production operations, detailed implemented the implementation plan for reducing costs, improving quality as well as increasing efficiency, and accelerating the development and transformation of key core technologies. The net profit realized a positive year-on-year increase amid the severe industry environment and price pressure. In 2020, the Company’s operating revenue was RMB28,959 million, net profit was RMB2,718 million, an increase of RMB190million compared with 2019.

For the drilling services segment, the operating days has declined,because the global upstream exploration and development investment has fallen. The Company rationally allocated resources, improved equipment operation and maintenance and technical service capabilities, and vigorously cooperated with national energy security policies while keeping the improvement of international competitiveness, all these helped the Company break many records in Domestic operations and win the recognition of many international customers.

As for the well services segment, the Company continued to increase scientific research investment and technological innovation, thus achieving various technological development results. The industrialization trials of our independent research and development technology products succeeded, and the commercialization process continued to accelerate. The Company’s technical service business has maintained a high-speed development trend, and its operating profit margin has increased compared with 2019, showing its competitive advantage.

For the marine support services segment, the overall operation volume has increased, the operational capabilities and safety performance has been steadily improved, all which further consolidated the domestic competitive advantage and market position, and successfully explored overseas markets. During the year, two 5,000 HP LNG-powered guard supply vessels were delivered and two 4,000 HP LNG-powered guard supply vessels were launched, which played an active role in promoting the use of LNG clean energy for vessels. 

Regarding the geophysical acquisition and surveying services segment, affected by the Pandemic and low oil prices, the business volume of the segment has declined. The Company closely focused on the domestic oil and gas reserves and production goals, and promoted the creation of technical value and the implementation of achievements. A self-developed small trace interval towing acquisition equipment was applied successfully, filling the domestic technical gap.

In 2021, the Company will seize the new development opportunities, implement the green and low-carbon concept, put the innovation-driven development strategy into practice, improve the risk emergency mechanism, build a new development pattern focus on domestic and international dual circulation system, accelerate the promotion of the Company's core competitiveness, and comprehensively promote the Company's high-quality development to create greater value for shareholders, customers and society.