Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported strong performance in H1 2024, with revenue of 22.53 billion yuan, a year-on-year increase of 19.4%, and a net profit attributable to shareholders of 1.59 billion yuan, up 18.9% year-on-year [2] - The drilling platform day rates continue to recover, contributing to the overall growth in various business segments [2] - The company is benefiting from high oil prices, which are driving capital expenditure growth and sustaining the favorable outlook for the offshore oil and gas sector [2] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 225.3 billion yuan, with Q2 revenue at 123.8 billion yuan, reflecting an 18.8% year-on-year growth [2] - The gross margin improved to 16.4%, up 1.6 percentage points year-on-year, while the net margin was 7.6%, down 0.1 percentage points [2] - The company expects net profits for 2024-2026 to be 3.89 billion, 4.77 billion, and 5.51 billion yuan respectively, with a compound annual growth rate of 22% [3] Business Segments - Drilling services revenue reached 6.42 billion yuan, a year-on-year increase of 18.2%, with day rates for self-elevating and semi-submersible platforms increasing by 7.2% and 8.9% respectively [2] - Oilfield technical services generated 12.83 billion yuan, up 20.8% year-on-year, while marine services revenue was 2.18 billion yuan, up 14.2% [2] Market Outlook - The global oilfield services market is projected to grow by 7.1% in 2024, driven by increased exploration and development investments from oil and gas companies [2] - The company is well-positioned as a leader in the offshore oil services sector, benefiting from the industry's high demand and favorable conditions [2]

Investment Rating - A-shares: Buy (maintained) with a current price of 14.36 CNY [2] - H-shares: Overweight (maintained) with a current price of 6.80 HKD [2] Core Views - The company achieved a 19% YoY increase in operating revenue and an 18.92% YoY increase in net profit attributable to shareholders in H1 2024 [5] - The company's internationalization strategy has been effective, with new contracts signed in overseas markets, particularly in Southeast Asia [11] - The company's drilling workload has remained stable, with a significant increase in technical service revenue, growing by 20.8% YoY in H1 2024 [8] - The company has re-locked contracts for two drilling platforms, ensuring workload stability in the oilfield services market [12] Financial Performance - H1 2024 operating revenue: 22.5 billion CNY, up 19.37% YoY [5] - H1 2024 net profit attributable to shareholders: 1.6 billion CNY, up 18.92% YoY [5] - Q2 2024 operating revenue: 12.4 billion CNY, up 18.85% YoY and 22% QoQ [5] - Q2 2024 net profit attributable to shareholders: 957 million CNY, up 2.34% YoY and 50.57% QoQ [5] - H1 2024 operating cash flow: 1.715 billion CNY, up 49% YoY [7] - H1 2024 ROE: 7.6%, up 0.8 pct YoY [7] Business Segments - Drilling services revenue in H1 2024: 6.4 billion CNY, up 18.2% YoY [8] - Technical services revenue in H1 2024: 12.8 billion CNY, up 20.8% YoY [8] - 2D seismic acquisition: 11,174 km, down 13.6% YoY [8] - 3D seismic acquisition: 16,370 km², up 189.5% YoY [8] Strategic Initiatives - The company is focusing on technology-driven development and improving operational efficiency [9] - It has established a "North-South Dual Center" for rotary steering and logging-while-drilling production lines [9] - The company is enhancing its digital capabilities and optimizing resource allocation through four product line operation centers [10] Market Outlook - The global oilfield services market is expected to grow by 7.1% in 2024, driven by increased upstream investment in deepwater and unconventional oil and gas sectors [12] - The company is well-positioned to benefit from the recovery in the oilfield services market, with a strong pipeline of contracts and a focus on high-quality development [12] Valuation and Forecast - Forecasted net profit attributable to shareholders for 2024-2026: 3.916 billion CNY, 4.828 billion CNY, and 5.657 billion CNY, respectively [13] - Forecasted EPS for 2024-2026: 0.82 CNY, 1.01 CNY, and 1.19 CNY, respectively [13]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported strong performance in H1 2024, with revenue of 22.53 billion yuan, a year-on-year increase of 19.4%, and a net profit attributable to shareholders of 1.59 billion yuan, up 18.9% year-on-year [2] - The drilling platform day rates continue to recover, contributing to the overall growth in various business segments [2] - The company is benefiting from high oil prices, which are driving capital expenditure growth and sustaining the positive outlook for the offshore oil and gas sector [2] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 225.3 billion yuan, with Q2 revenue at 123.8 billion yuan, reflecting an 18.8% year-on-year growth [2] - The gross margin improved to 16.4%, up 1.6 percentage points year-on-year, while the net margin was 7.6%, down 0.1 percentage points [2] - The company expects net profits for 2024-2026 to be 3.89 billion, 4.77 billion, and 5.51 billion yuan respectively, with a compound annual growth rate of 22% [3] Business Segments - Drilling services revenue reached 6.42 billion yuan, up 18.2% year-on-year, with day rates for self-elevating and semi-submersible platforms increasing by 7.2% and 8.9% respectively [2] - Oilfield technical services generated 12.83 billion yuan, a 20.8% increase, while marine services and geophysical exploration services also saw significant growth [2] Market Outlook - The global oilfield services market is projected to grow by 7.1% in 2024, driven by increased exploration and development investments from oil and gas companies [2] - The company is well-positioned as a leader in the offshore oil services sector, poised to benefit from the industry's ongoing high demand [2]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][15]. Core Views - The company's performance in H1 2024 exceeded expectations, with revenue reaching 22.53 billion yuan, a year-on-year increase of 19.4%, and net profit attributable to shareholders at 1.59 billion yuan, up 18.9% [1]. - The industry is experiencing a sustained increase in drilling platform day rates, reflecting high market demand [2]. - Two drilling platforms affected by the Saudi suspension have secured new contracts, indicating a recovery in operations [3]. - The oilfield services segment continues to show high growth, with revenues of 12.83 billion yuan in H1 2024, a year-on-year increase of 20.8% [4]. Financial Performance Summary - Revenue for 2024 is projected at 50.40 billion yuan, with a growth rate of 14.26% [5]. - The net profit attributable to shareholders is forecasted to be 3.48 billion yuan in 2024, reflecting a growth rate of 15.52% [5]. - The company's earnings per share (EPS) is expected to be 0.73 yuan in 2024, with a price-to-earnings (P/E) ratio of 19.69 [5][11]. Operational Metrics - In Q2 2024, the operational days for self-elevating and semi-submersible platforms were 3,618 and 955 days, respectively, with self-elevating platforms showing a 10% year-on-year increase [2]. - The average day rates for self-elevating and semi-submersible platforms in H1 2024 were $74,000 and $134,000, respectively, marking increases of 7.2% and 8.9% year-on-year [2]. Market Position - The company has successfully entered the Brazilian market, signing contracts for drilling and workover services, which are expected to commence in 2025 [4].

Investment Rating - A-shares: Buy (maintained) with a current price of 14.36 CNY [2] - H-shares: Overweight (maintained) with a current price of 6.80 HKD [2] Core Views - The company achieved a 19% YoY increase in operating revenue and an 18.92% YoY increase in net profit attributable to shareholders in H1 2024 [5] - The company's cash flow and ROE improved significantly, with operating cash flow increasing by 49% YoY to 1.715 billion CNY and ROE reaching 7.6% [7] - The company's drilling workload remained stable, with drilling service revenue increasing by 18.2% YoY, while technical service revenue grew by 20.8% YoY [8] - The company continues to focus on technological innovation and international expansion, securing new contracts for two drilling platforms and expanding its overseas market presence [6][11] Financial Performance - In H1 2024, the company achieved operating revenue of 22.5 billion CNY, a 19.37% YoY increase, and net profit attributable to shareholders of 1.6 billion CNY, an 18.92% YoY increase [5] - In Q2 2024, the company achieved operating revenue of 12.4 billion CNY, an 18.85% YoY increase, and net profit attributable to shareholders of 957 million CNY, a 2.34% YoY increase [5] - The company's cost-to-profit ratio was 8.4%, and its asset-liability ratio decreased by 0.3 percentage points to 48.6% [7] Business Operations - The company's drilling platform operating days reached 8,961 days, with self-elevating platforms accounting for 7,038 days and semi-submersible platforms accounting for 1,923 days [8] - The company's vessel service operating days reached 32,531 days, a 19.6% YoY increase, while 3D seismic acquisition increased by 189.5% YoY to 16,370 square kilometers [8] - The company has secured contracts for two drilling platforms, with one expected to start operations in China by the end of August or early September 2024, and the other scheduled to begin operations between December 15, 2024, and January 15, 2025 [12] Strategic Focus - The company is deepening reforms and focusing on technology-driven development, with a strong emphasis on international expansion and high-quality growth [7][9] - The company has established four product line operation centers to enhance operational efficiency and has signed strategic agreements with multiple partners to strengthen its industry chain control [10] - The company continues to expand its overseas market, with 18 out of 61 drilling platforms operating internationally, and has secured new contracts for technical services in Southeast Asia [11] Industry Outlook - The global oilfield services market is expected to grow by 7.1% in 2024, driven by increased upstream investment in deepwater and unconventional oil and gas exploration [12] - The company is well-positioned to benefit from the recovery in the oilfield services market, with strong demand for its drilling and technical services [12]

一、董事会会议召开情况 证券代码：601808 证券简称：中海油服 公告编号：临2024-026 中海油田服务股份有限公司 2024 年董事会第三次会议决议公告 特别提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (六) 审议通过关于对中海石油财务有限责任公司风险持续评估报告的议案。 中海油田服务股份有限公司（以下简称"公司"或"中海油服"）2024 年董事会 第三次会议于 2024 年 8 月 27 日在珠海市以现场表决方式召开。会议通知于 2024 年 8 月 13 日以电子邮件方式送达董事。会议应出席董事 8 人，实际出席董事 8 人（熊敏 先生因其他公务原因未能亲自出席并书面委托赵顺强先生代为行使表决权）。会议由 董事长赵顺强先生主持。公司监事赵锋先生、程新生先生、王林根先生列席会议。公 司董事会秘书孙维洲先生、首席财务官郄佶先生列席会议。会议的召开符合《中华人 民共和国公司法》等相关法律、行政法规、部门规章和《中海油田服务股份有限公司 章程》的规定。 二、董事会会议审议情况 1 (一) 审议通过关于《总裁办公会 ...

中海油田服务股份有限公司 关于中海石油财务有限责任公司的风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与 关联交易》的要求，中海油田服务股份有限公司（以下简称"公司"） 通过查验中海石油财务有限责任公司（以下简称"海油财务"）《金 融许可证》、《营业执照》等资料，查阅海油财务 2024 年半年度财 务报告，对海油财务的经营资质、业务和风险状况进行了评估，现将 风险评估情况报告如下： 一、海油财务基本情况 海油财务于 2002 年 5 月 13 日由中国人民银行批准开业，2002 年 6 月 14 日完成工商登记。法定中文名称为"中海石油财务有限责 任公司"，注册资本为 40 亿元。2016 年 10 月，经原北京市工商行政 管理局审批，并向原北京银监局备案，股权结构变更为： | 股东名称 | 投资金额（元） | 持股比例(%) | | --- | --- | --- | | 中国海洋石油集团有限公司 | 2,515,901,060.00 | 62.90 | | 中海石油（中国）有限公司 | 1,272,084,806.00 | 31.80 | | 中海石油炼化有限责任公司 | 1 ...

特别提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2024 年 4 月 4 日，中海油田服务股份有限公司（以下简称"中海油服"或"公司" 或"本公司"）披露了《中海油服关于部分钻井平台作业暂停的公告》（公告编号：临 2024-013）。2024 年 4 月 8 日，公司披露了《中海油服关于部分钻井平台作业暂停的 进展公告》（公告编号：临 2024-014）。具体内容详见公司在上海证券交易所网站 （www.sse.com.cn）披露的相关公告。 近期，作业暂停的 4 座钻井平台中，本公司已就其中 2 座钻井平台（振海六号与 SEEKER）分别与中海石油（中国）有限公司及东南亚某知名石油公司锁定钻井平台服 务合同。其中与中海石油（中国）有限公司确定的钻井平台服务合同为本公司与中国 海洋石油集团有限公司于 2022 年底订立的 2023-2025 年综合服务框架协议项下的实 施协议，交易金额属该框架协议项下的年度上限的范围之内，目前振海六号钻井平台 已锁定国内作业井位，预计 8 月底或 9 月初启动国内作业。本公司与东南亚某 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached RMB 22,528.5 million, representing a 19.4% increase compared to RMB 18,873.6 million in the same period last year[18]. - The net profit attributable to shareholders of the listed company was RMB 1,592.4 million, an 18.9% increase from RMB 1,339.1 million year-on-year[18]. - The net cash flow from operating activities was RMB 1,714.5 million, showing a significant increase of 48.6% compared to RMB 1,153.5 million in the previous year[18]. - The basic earnings per share for the first half of 2024 was RMB 0.33, up 17.9% from RMB 0.28 in the same period last year[19]. - The total profit for the first half of 2024 was RMB 2,409.0 million, up by RMB 546.5 million, with a growth rate of 29.3% compared to the previous year[38]. - The net profit for the first half of 2024 was RMB 1,709.6 million, an increase of RMB 253.5 million, reflecting a growth of 17.4% year-on-year[38]. - The company's total assets at the end of the reporting period were RMB 83,764.9 million, a slight increase of 0.6% from RMB 83,245.8 million at the end of the previous year[18]. - The company reported a net asset attributable to shareholders of RMB 42,286.8 million, reflecting a 1.5% increase from RMB 41,643.0 million at the end of the previous year[18]. Market and Operational Risks - The company faces significant risks including market competition risks due to uncertainties in the international oil and gas industry[6]. - The company faces significant market competition risks due to global economic slowdown and pressure on traditional oil and gas resource development[62]. - Health, safety, and environmental risks are heightened due to increasing regulatory demands and the complexity of international operations[62]. - The company is exposed to operational risks in overseas markets, including political instability and tax disputes, which may affect business expansion[63]. Strategic Initiatives and Developments - The company is focusing on internationalization and regional development strategies, with an emphasis on expanding high-value, long-cycle projects in overseas markets[25]. - The company has fully launched its "Xuanji," "Haimai," and "Haihong" smart factories, marking a significant step in the transition to intangible products in oilfield services[25]. - The company aims to enhance its service quality evaluation system to reduce "wellbore time" and improve overall service efficiency[25]. - The company aims to enhance its core competitiveness by focusing on technological innovation, cost control, and international expansion strategies[29]. - The company is actively managing foreign exchange risks due to its USD debt and operations in multiple countries, conducting regular research and analysis on exchange rate trends[64]. - The company anticipates continued growth in upstream oil and gas exploration and development investments in the second half of 2024, driven by the "Seven-Year Action Plan" for increasing reserves and production[65]. Environmental and Social Responsibility - The company is committed to integrating ecological civilization into its operations, enhancing employee environmental awareness and skills[81]. - The company is actively pursuing carbon reduction measures, including the integration of photovoltaic power generation and the application of advanced carbon reduction technologies[82]. - The company has set specific carbon emission targets and developed a plan to achieve these goals in 2024[82]. - In the first half of 2024, the company invested RMB 20 million in four projects in Gansu Province to support poverty alleviation and rural revitalization efforts[83]. - The company completed nine educational assistance donation projects totaling RMB 1 million, benefiting 11 Hope Primary Schools in Hainan, Yunnan, Hubei, and Hebei[83]. Governance and Compliance - The board of directors confirmed that more than half of the directors can guarantee the authenticity, accuracy, and completeness of the semi-annual report[5]. - The company has a strong governance structure with designated secretaries for board and company affairs[14]. - The company operates under the legal representation of Zhao Shunqiang, ensuring accountability in management[13]. - The company has implemented measures to improve risk management and compliance, including training and risk identification to enhance its risk response capabilities[64]. Financial Management and Structure - The company reported a total deposit amount of RMB 53,126,615,065 with a maximum daily deposit limit of RMB 1,800,000,000 and interest rates ranging from 0.35% to 3.00%[93]. - The company provided guarantees totaling RMB 22,167,930,727.12, which accounts for 51.53% of the company's net assets[97]. - The company has a total share capital of 4,771,592,000 shares, with China National Offshore Oil Corporation holding 50.53% of the total shares[100]. - The company has not reported any changes in share capital structure during the reporting period[99]. - The company has not disclosed any performance commitments or significant related party transactions during the reporting period[92]. Research and Development - Research and development expenses increased by 24.7% to RMB 700.8 million, compared to RMB 561.8 million in the previous year, indicating a focus on enhancing technical services[50]. - The company plans to enhance its technological research and development capabilities, focusing on key core technology breakthroughs and the transformation of results to seize more service opportunities in the oilfield service market[66]. Shareholder Engagement - The company has approved a proposal to authorize the board to repurchase up to 10% of A-shares and H-shares, reflecting a commitment to shareholder value[68]. - The company distributed dividends totaling CNY 1,002,034,320 during the first half of 2024, which is a significant cash outflow impacting the overall equity[136].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 22,496.7 million, an increase from RMB 18,849.9 million in the same period of 2023, representing a growth of approximately 19.4%[5]. - Operating profit for the same period was RMB 2,692.0 million, compared to RMB 1,971.3 million in 2023, reflecting a year-on-year increase of about 36.5%[5]. - Profit for the period reached RMB 1,709.6 million, up from RMB 1,456.1 million in 2023, marking an increase of approximately 17.4%[8]. - Basic earnings per share for the period were RMB 0.33, compared to RMB 0.28 in the previous year, indicating a growth of around 17.4%[8]. - The company reported a pre-tax profit of RMB 2,409.0 million, compared to RMB 1,862.5 million in 2023, representing an increase of about 29.3%[8]. - Total revenue for the six months ended June 30, 2024, reached RMB 22,528,544 thousand, a 19.4% increase from RMB 18,873,594 thousand in the same period of 2023[5]. - The group reported a pre-tax profit of RMB 2,409,043 thousand for the six months ended June 30, 2024, compared to RMB 1,862,502 thousand for the same period in 2023, reflecting an increase of approximately 29.3%[37][38]. - The total income tax expense for the six months ended June 30, 2024, was RMB 699,395,000, compared to RMB 406,413,000 for the same period in 2023, representing an increase of 72.0%[56]. - The basic earnings per share attributable to the company's owners for the six months ended June 30, 2024, was RMB 0.334, compared to RMB 0.281 for the same period in 2023, reflecting an increase of 18.8%[60]. Operating Expenses - Total operating expenses for the six months were RMB 20,018.8 million, an increase from RMB 16,986.4 million in 2023, which is a rise of approximately 17.9%[7]. - Employee compensation costs rose by RMB 553.0 million or 16.5% year-on-year, reaching RMB 3,899.5 million[104]. - Material, supplies, fuel, services, and other expenses increased by RMB 417.8 million, a growth of 9.4% year-on-year[105]. - Subcontracting expenses rose by RMB 1,232.4 million, representing a 25.9% increase, primarily due to increased operational volume and growth in flexible services and business outsourcing[106]. Assets and Liabilities - Cash and cash equivalents as of June 30, 2024, amounted to RMB 8,037.5 million, up from RMB 5,977.5 million at the end of 2023, reflecting a growth of approximately 34.5%[12]. - Total current assets increased to RMB 31,037.2 million from RMB 30,270.1 million in 2023, showing a growth of about 2.5%[12]. - Total liabilities increased to RMB 26,760.9 million from RMB 23,364.6 million in 2023, indicating a rise of approximately 14.5%[13]. - The company’s total assets less current liabilities stood at RMB 57,004.0 million, down from RMB 59,881.2 million in 2023, reflecting a decrease of about 4.7%[13]. - The group’s total liabilities were RMB 40,744,216 thousand as of June 30, 2024, compared to RMB 40,989,728 thousand as of June 30, 2023, indicating a decrease of approximately 0.6%[37][38]. - The total liabilities from bank borrowings decreased to RMB 1,856,703 as of June 30, 2024, down from RMB 3,122,911 at the end of 2023, a reduction of 40.6%[74]. Revenue Breakdown - Revenue from external customers in the domestic market was RMB 16,943,622 thousand, while international revenue was RMB 5,553,041 thousand for the six months ended June 30, 2024[42]. - The contribution from a major customer, China National Offshore Oil Corporation and its subsidiaries, accounted for 77% of total sales for the six months ended June 30, 2024, down from 81% in the same period of 2023[43]. - The drilling services segment generated revenue of RMB 6,501,322 thousand, while the oilfield technical services segment contributed RMB 12,851,596 thousand for the six months ended June 30, 2024[37]. - The breakdown of revenue from contracts with customers shows that drilling services generated RMB 5,798,370 thousand, oilfield technology services contributed RMB 12,763,406 thousand, ship services brought in RMB 2,134,936 thousand, and engineering survey services accounted for RMB 1,104,136 thousand for the six months ended June 30, 2024[5]. Market Presence and Strategy - The company maintains a 100% ownership in its major subsidiaries, including COSL Drilling Pan-Pacific Ltd. and COSL Oil-Tech (Singapore) Ltd., which are crucial for its drilling and oilfield technology services[19][21]. - The company continues to focus on expanding its oilfield services, including drilling services and oilfield technology services, which are essential for its operational performance[17]. - The company has a significant presence in international markets, with subsidiaries in Indonesia, Mexico, and the Middle East, enhancing its global service capabilities[19][21]. - The company is committed to ongoing research and development in new technologies to improve service efficiency and expand its market reach[17]. - The company anticipates stable growth in global upstream exploration and development investments, driven by increasing demand in the oilfield services market[138]. - The company plans to enhance its R&D capabilities and promote the application of new technologies to capture more service opportunities in the improving industry landscape[138]. Governance and Compliance - The company has complied with the corporate governance code and has implemented higher standards for securities trading by its directors[144]. - The company has not engaged in any purchase, sale, or repurchase of its listed securities during the reporting period[145]. - The management is actively monitoring foreign exchange risks and will take targeted measures to mitigate various operational risks[142]. - The company believes that the current structure of having the same individual serve as both Chairman and CEO meets operational needs and allows for effective decision-making[141]. Cash Flow and Investments - The net cash inflow from operating activities for the first half of 2024 was RMB 1,714.2 million, up 48.6% from RMB 1,153.5 million in the same period last year[125]. - The net cash inflow from investing activities was RMB 3,389.7 million, a significant increase of 67.5% compared to RMB 2,025.7 million in the previous year[126]. - The net cash outflow from financing activities was RMB 3,021.8 million, which is an increase of 97.9% from RMB 1,534.8 million in the same period last year[127]. - Capital expenditures for the first half of 2024 totaled RMB 2,555.2 million, representing a 37.8% increase from RMB 1,854.5 million in the same period last year[130].