COSL(HK:02883)2019-09-09 08:39Financial Performance - In the first half of 2019, the company achieved operating revenue of RMB 13,552.1 million, a year-on-year increase of 66.7%[12]. - The net profit for the same period was RMB 986.4 million, compared to a loss of RMB 363.3 million in the previous year, marking a significant turnaround[12]. - The group's operating revenue for the first half of 2019 increased by RMB 5,424.2 million, a growth of 66.7% year-on-year[23]. - The group reported an operating profit of RMB 1,601.1 million, a turnaround from an operating loss of RMB 239.8 million in the same period last year[30]. - Basic earnings per share for the first half of 2019 were RMB 20.39, compared to a loss per share of RMB 7.86 in the same period last year[37]. - The group reported a profit before tax of RMB 1,382,122,000, with income tax expenses of RMB 395,767,000 for the period[118]. - The total comprehensive income for the period amounted to RMB 939,943 thousand, compared to a total comprehensive loss of RMB 287,932 thousand in the previous year[73]. Revenue Segmentation - The drilling services segment reported revenue of RMB 4,489.2 million, an increase of 49.5% compared to RMB 3,003.5 million in the same period last year[13]. - The oilfield technical services revenue surged to RMB 6,624.2 million, marking a 95.0% increase from RMB 3,396.6 million in the previous year[16]. - The marine services segment's revenue grew by 15.9% to RMB 1,440.2 million, driven by increased operational volume of owned and chartered vessels[25]. - The geophysical acquisition and engineering survey services segment achieved a revenue of RMB 998.5 million, a significant increase of 105.6% year-on-year[21]. - The ship service business revenue increased by 15.9% to RMB 1,440.2 million, with external chartered vessels contributing RMB 391.4 million[18]. Operational Efficiency - The total operating days for drilling platforms in the first half of 2019 were 6,913 days, representing a year-on-year increase of 33.8% from 5,166 days[14]. - The average daily revenue for self-elevating drilling platforms increased by 19.3% to USD 6.8 thousand per day, while semi-submersible platforms saw a 3.4% increase to USD 15.1 thousand per day[15]. - The platform calendar day utilization rate improved by 12.5 percentage points to 76.6% due to a reduction in standby days[200]. - The company has 52 platforms in operation and management, with 32 operating in Chinese waters and 10 in international regions[200]. Investment and Capital Expenditures - Capital expenditures for the first half of 2019 were RMB 1,003.6 million, an increase of RMB 408.3 million or 68.6% compared to RMB 595.3 million in the same period last year[44]. - The company plans to focus capital expenditures on upgrading drilling platforms and acquiring oilfield technology service equipment[46]. - The company has capital commitments of RMB 1,227,727,000 as of June 30, 2019, significantly increased from RMB 392,658,000 as of December 31, 2018[154]. Technological Advancements - The company's technical segment revenue share increased to 49%, reflecting a strong focus on technology-driven innovation[7]. - The group achieved significant technological advancements, including the development of new high-temperature isolation agents and the registration of trademarks for innovative logging tools[17]. - The technical research and development efforts are market-driven, leading to the transformation and application of multiple research outcomes[7]. - The company has made significant breakthroughs in green technology, including the EFDT formation spectral analysis technology and biodegradable drilling fluid systems[194]. Market Expansion - The company plans to continue focusing on domestic and international exploration and development investments while managing risks effectively[9]. - The company is actively expanding its overseas business while maintaining a leading position in the domestic offshore market[194]. - The group successfully secured multiple contracts in international markets, including a two-year cementing and workover service contract in Indonesia[17]. - The company has successfully entered new markets, including high-end drilling services in New Zealand and a three-year drilling service contract in Indonesia[200]. Financial Position and Assets - As of June 30, 2019, total assets were RMB 75,423.1 million, an increase of RMB 736.1 million or 1.0% from RMB 74,687.0 million at the end of 2018[38]. - The company's net current assets increased to RMB 5.17 billion from RMB 4.70 billion as of December 31, 2018, with the current ratio rising from 1.28 to 1.30[62]. - The debt-to-equity ratio improved to 49% as of June 30, 2019, down from 50% at the end of 2018[63]. - The total liabilities amounted to RMB 40,144,432 thousand, with current liabilities at RMB 17,097,438 thousand, showing a slight increase from RMB 17,011,043 thousand[75]. Legal and Compliance Matters - The company has ongoing legal proceedings against Equinor regarding contract disputes, with claims amounting to USD 15,238,596[66]. - The company is involved in a legal case against Equinor regarding compensation for losses due to the illegal termination of a contract, with no further court litigation initiated as of the reporting date[85]. - The company was recognized for its compliance and investor relations, being listed in the A-share listed companies' IR interaction activity ranking[9]. Sustainability and Environmental Focus - The company emphasized green development and sustainable practices, achieving breakthroughs in various environmental technologies[7]. - The company is actively pursuing green development initiatives, including the construction of two LNG-powered supply vessels[18]. - The company emphasizes sustainable development and low-carbon environmental protection in its operational strategies[194].