Investment Rating - The report maintains a "Buy" rating for the company [6][7][8] Core Views - The company reported significant year-on-year growth in H1 2024, with operating revenue of 22.53 billion yuan, up 19.4%, and net profit attributable to shareholders of 1.59 billion yuan, up 18.9% [6][7] - The drilling operation days increased, with a total of 8,961 days in H1 2024, representing a 2% year-on-year growth [7] - The oilfield technology service segment is the main profit contributor, achieving a gross profit of 3.05 billion yuan, accounting for 80.34% of total gross profit [7] - Global offshore oil and gas capital expenditure is expected to rise, which may drive the company's performance upward [7] Summary by Sections Financial Performance - In H1 2024, the company achieved an operating revenue of 22.53 billion yuan, a year-on-year increase of 19.4%, and a net profit of 1.59 billion yuan, up 18.9% [6][7] - The gross margin for H1 2024 reached 16.83%, an increase of 1.58 percentage points year-on-year [6][7] Operational Metrics - The company’s drilling platform operating days totaled 8,961 days in H1 2024, with self-elevating platform days at 7,038, up 3.4% year-on-year [7] - The utilization rate of drilling platforms was 85.3%, a decrease of 1.2 percentage points year-on-year [7] Segment Performance - The oilfield technology service segment's operating profit was 2.29 billion yuan, a year-on-year increase of 32.67% [7] - The ship and geophysical exploration segments also showed improvement, with ship operating days increasing by 19.6% year-on-year [7] Market Outlook - The global oilfield service market is projected to grow by 7.1% in 2024, indicating a strong industry momentum [7] - The company has adjusted its profit forecasts for 2024-2026 due to potential impacts from suspended Middle Eastern orders and oil price fluctuations [7][8]

Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The company achieved a revenue of 22.529 billion yuan in the first half of 2024, representing a year-on-year increase of 18.9% [1]. - The net profit attributable to shareholders was 1.592 billion yuan, up 25.0% year-on-year, with a basic earnings per share of 0.33 yuan, reflecting a 17.9% increase [1]. - The average Brent oil price in H1 2024 was 83.39 USD per barrel, showing a slight increase compared to the previous year [1]. - The company is benefiting from the growth in global oilfield service market size, driven by increased operational volumes in drilling, oil technology, geophysical, and marine sectors [1][2]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 22.529 billion yuan, with a net profit of 1.604 billion yuan after deducting non-recurring items, marking a 19.4% increase [1]. - For Q2 2024, the revenue was 12.381 billion yuan, up 18.9% year-on-year, and the net profit was 957 million yuan, reflecting a 5.8% increase year-on-year [1]. - The company’s drilling and oil technology segments contributed significantly to profits, with domestic drilling business showing improved profitability [1][2]. Business Segments - The company operates 61 platforms, with an average utilization rate of 80.8% in H1 2024, an increase of 1.4 percentage points year-on-year [1]. - The average day rate for self-elevating and semi-submersible platforms increased by 4.9% to 8.6 million USD/day [1][2]. - The company has made progress in autonomous innovation, with successful applications of self-developed systems in both domestic and overseas markets [2]. Capital Expenditure and Future Outlook - The company’s capital expenditure is expected to remain high, with China National Offshore Oil Corporation (CNOOC) planning capital expenditures of 125 to 135 billion yuan in 2024, which supports the company’s order stability [2]. - Profit forecasts for 2024-2026 indicate net profits of 3.420 billion, 4.242 billion, and 5.114 billion yuan, with respective growth rates of 13.5%, 24.0%, and 20.6% [2]. - The company is expected to continue its overseas expansion and benefit from the recovery in industry conditions, maintaining a "Buy" rating [2].

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 ...