Financial Performance - In the first half of 2020, the company achieved operating revenue of RMB 14.497 billion, an increase of RMB 0.94 billion or 7% year-on-year[6]. - The net profit for the same period was RMB 1.723 billion, up RMB 0.74 billion or 75% year-on-year[6]. - The company's operating revenue for the first half of 2020 was RMB 14,496.7 million, an increase of RMB 944.6 million year-on-year[14]. - The net profit for the first half of 2020 was RMB 1,722.6 million, an increase of RMB 736.2 million year-on-year[14]. - The operating profit for the first half of 2020 was RMB 2,222.0 million, an increase of RMB 620.9 million compared to the operating profit of RMB 1,601.1 million in the same period last year[33]. - The basic earnings per share for the first half of 2020 were RMB 35.93, compared to RMB 20.39 in the same period last year, reflecting a growth of 76.3%[41]. - The total comprehensive income for the period was RMB 1,754,675 thousand, compared to RMB 939,943 thousand in the same period last year, reflecting an increase of 86.7%[81]. - The company's profit before tax for the six months ended June 30, 2020, was RMB 2,090,688,000, compared to RMB 1,382,122,000 for the same period in 2019, representing a year-on-year increase of 51.2%[126]. Revenue Segmentation - The drilling services revenue for the first half of 2020 was RMB 6,171.0 million, a 37.5% increase from RMB 4,489.2 million in the same period last year[15]. - The oilfield technical services revenue decreased by 8.7% to RMB 6,050.4 million from RMB 6,624.2 million year-on-year[19]. - The company's vessel services revenue increased by 6.5% to RMB 1,534.3 million, with external chartered vessels contributing RMB 541.3 million[21]. - Revenue from drilling services was RMB 6,173,943 thousand, while oilfield technical services generated RMB 6,059,880 thousand, indicating a strong performance in both segments[107]. - Revenue from the China National Offshore Oil Corporation (CNOOC) group for drilling services was RMB 3,029,551 thousand, oilfield technical services RMB 5,466,345 thousand, and vessel services RMB 1,407,964 thousand for the six months ended June 30, 2020[156]. Cost Management and Expenses - The company has implemented significant cost reduction measures, maximizing the reduction of external drilling platform and vessel leasing costs[9]. - The company's total operating expenses for the first half of 2020 were RMB 12,452.1 million, an increase of RMB 470.2 million or 3.9% compared to the same period last year[28]. - The company's rental expenses increased by RMB 94.2 million year-on-year, reflecting a growth of 16.9%[29]. - The total operating expenses in the geophysical acquisition and engineering survey services segment were RMB 841.9 million, a decrease of 14.6% year-on-year[32]. Technology and Innovation - The company has made notable advancements in technology, including successful trials of a high-temperature ESCOOL system and underwater release plug system[8]. - The company achieved significant technological advancements, including successful trials of various new drilling and cementing technologies[20]. - The company launched several key technology applications, including the successful trial of a 235℃ ultra-high temperature ESCOOL system and the first domestic underwater release plug system for deep-water cementing[196]. Market Expansion and International Operations - The company has expanded its market presence, securing new projects in the Asia-Pacific, Middle East, and Americas regions[7]. - The company successfully launched four drilling platforms in Asia and secured a 600-day contract in the Americas[15]. - The company is actively involved in international operations, with subsidiaries in regions such as Indonesia, Australia, and Mexico, enhancing its market presence[88]. Financial Position and Assets - Total assets as of June 30, 2020, were RMB 81,427.3 million, an increase of RMB 5,325.5 million or 7.0% from RMB 76,101.8 million at the end of 2019[42]. - Total liabilities increased by RMB 4,334.3 million or 11.1%, from RMB 39,191.5 million at the end of 2019 to RMB 43,525.8 million[42]. - Cash and cash equivalents increased significantly by 180.0% to RMB 9,417.1 million from RMB 3,363.6 million at the beginning of the year[43]. - The company's net current assets increased to RMB 10.55 billion from RMB 3.20 billion as of December 31, 2019, with the current ratio rising from 1.16 to 1.57[67]. Debt and Financing - The company successfully issued USD 800 million senior bonds, achieving the lowest comprehensive cost in its history and the highest oversubscription rate[9]. - The company issued $500 million 1.875% guaranteed senior notes due in 2025 and $300 million 2.500% guaranteed senior notes due in 2030 on June 24, 2020[74]. - The company reported a significant impairment loss of RMB 843.8 million on property, plant, and equipment, attributed to the settlement with Equinor and projected future cash flows[31]. - The company has seen a decrease in interest-bearing bank loans from RMB 809.96 million to RMB 515.21 million from December 31, 2019, to June 30, 2020[68]. Safety and Compliance - The OSHA recordable incident rate for safety performance was reported at 0.094, indicating a stable safety production situation[10]. - The QHSE management system was further strengthened, with an OSHA recordable incident rate of 0.094, indicating stable safety production conditions[198]. Future Outlook - The outlook for the second half of 2020 indicates a slow recovery in the industry, with the IMF predicting a global economic contraction of 4.9%[53]. - The company plans to continue focusing on market expansion and new technology development to drive future growth[84]. - The company aims to enhance its international operational management capabilities and continue to focus on technological development and internationalization strategies[11].

Financial Performance - Total revenue for the year was RMB 31,075.8 million[9] - Operating profit amounted to RMB 3,895.2 million[9] - Annual profit reached RMB 2,528.0 million[9] - Basic earnings per share were RMB 52.44[9] - Total operating revenue for 2019 reached RMB 31,075.8 million, a 42.0% increase from RMB 21,886.6 million in 2018[10] - Operating profit surged to RMB 3,895.2 million, reflecting a 505.3% increase compared to RMB 643.5 million in the previous year[10] - Annual profit for 2019 was RMB 2,528.0 million, a significant rise of 2,750.1% from RMB 88.7 million in 2018[10] - Basic earnings per share reached RMB 52.44, up 3,443.2% from RMB 1.48 in 2018[10] - The company maintained a capital return rate of 7.1% and an asset return rate of 3.4% for 2019, compared to 0.3% and 0.1% respectively in 2018[10] - The total operating expenses for the company in 2019 were RMB 27,532.7 million, an increase of 27.9% from RMB 21,527.2 million in 2018[52] - The total operating expenses for the year increased by RMB 6,005.5 million, representing a 27.9% year-on-year growth, reaching RMB 27,532.7 million[54] - The group’s operating profit for the year was RMB 3,895.2 million, up RMB 3,251.7 million or 505.3% from RMB 643.5 million in the previous year[58] - The annual profit for the group reached RMB 2,528.0 million, a substantial increase of RMB 2,439.3 million from RMB 88.7 million in the previous year[66] Assets and Equity - Total assets stood at RMB 76,101.8 million[9] - Total equity was RMB 36,910.3 million[9] - Total assets increased to RMB 76,101.8 million, a growth of 1.9% from RMB 74,687.0 million in 2018[68] - Total liabilities decreased to RMB 39,191.5 million, down 2.0% from RMB 40,009.6 million in 2018[68] - Total equity rose to RMB 36,910.3 million, reflecting a 6.4% increase from RMB 34,677.4 million in 2018[68] Revenue Growth - Domestic business revenue grew by 48.9% to RMB 24,159.9 million, while international business revenue increased by 22.2% to RMB 6,915.9 million[10] - The oilfield technical services segment achieved a revenue of RMB 15,030 million in 2019, representing a 53.5% increase from RMB 9,792.6 million in 2018[28] - The drilling services segment saw a revenue increase of 39.7%, reaching RMB 10,824.8 million in 2019, up from RMB 7,749.9 million in 2018[44] - The company reported a 48.9% increase in domestic revenue, amounting to RMB 24,159.9 million in 2019, up from RMB 16,225.5 million in 2018[47] - The international revenue for the company was RMB 6,915.9 million in 2019, reflecting a 22.2% increase from RMB 5,661.1 million in 2018[47] International Expansion - The company is actively expanding its international business in regions such as Asia-Pacific, Middle East, Americas, Europe, Africa, and Far East[5] - The company has enhanced its international operational management capabilities and strengthened its market expansion efforts, particularly in the Asia-Pacific and Middle East regions[18] - The company successfully promoted a series of proprietary technologies, including the BIODRILL A biodegradable drilling fluid system, contributing to green development in offshore oil fields[19] - The company has made significant breakthroughs in various regions, securing contracts for multiple drilling services and expanding its service offerings[18] - The company operates in over 40 countries and regions, providing integrated oilfield services across six major regions: Asia-Pacific, Middle East, Americas, Europe, Africa, and Far East[113] Technological Innovation - The company aims to leverage technological innovation as a core driver for high-quality global business development in the oilfield services market[15] - The company plans to accelerate the development of key core technologies and enhance its global operational management capabilities in 2020[15] - The company invested CNY 1.073 billion in technology research and development, an increase of 35.3% from CNY 793.75 million in 2018[177] - The company obtained 97 new patents in 2019, including 38 invention patents, marking a 6.6% increase from 91 patents in 2018[179] - The company conducted 172 internal control management training sessions in 2019, with 2,725 participants, reflecting a 8.5% increase in participants from 2018[152] Risk Management and Compliance - The company established a comprehensive risk management framework, conducting annual and quarterly risk assessments to identify and manage significant risks[88] - The internal control system was evaluated as effective, with no significant deficiencies identified in design or execution[87] - The company has strengthened its compliance system, ensuring adherence to laws and regulations, including labor and environmental laws[145] - The company has established a long-term mechanism for risk prevention, conducting special inspections to identify major operational risks[149] - The company has implemented a global management system aligned with international standards, enhancing its internal control capabilities[147] Employee Welfare and Training - The employee turnover rate decreased to 1.6% in 2019 from 2.6% in 2018, reflecting improved employee retention[131] - The company achieved a 100% coverage rate for social insurance and labor contract signing rate in 2019, ensuring employee welfare[131] - The company has enhanced employee welfare and training programs, promoting a diverse and safe work environment[145] - In 2019, the company conducted 409 anti-fraud training sessions, with a total of 16,141 participants, including over 310 from key sensitive positions[159] Environmental and Sustainable Development - The company received multiple awards for sustainable development, including recognition as an "Outstanding Sustainable Development Enterprise" by Sina Finance in 2019[14] - The company plans to prioritize the development of green and low-carbon technologies to strengthen its core competitiveness[78] - The company is committed to environmental protection and occupational health, emphasizing safety production as part of its operational strategy[199] - The company has been recognized for its corporate governance, being included in the Hang Seng Sustainable Development Index for eight consecutive years[81] Corporate Governance - The board of directors confirmed compliance with securities trading standards throughout 2019, ensuring adherence to regulatory requirements[82] - The company has three independent directors with extensive experience in finance, law, and financial reporting, who effectively fulfilled their responsibilities during the reporting period[85] - The board of directors has implemented a diversity policy to enhance governance and attract a wide range of talents[86] - The company’s governance functions are regularly reviewed to ensure compliance with corporate governance codes[90]