Core Viewpoint - China National Offshore Oil Corporation (CNOOC) plans to convert its debt of USD 746 million owed by COSL Norwegian AS into equity investment, enhancing its ownership stake in the company [1] Group 1: Investment Details - CNOOC will sign a debt-to-equity agreement with COSL Norwegian AS, converting a debt amount of USD 746 million into equity [1] - The conversion price is set at 1 Norwegian Krone per share, resulting in the issuance of 7.5335 million shares [1] - Post-investment, CNOOC and its subsidiary CSL will hold 83.02% and 16.98% of COSL Norwegian AS, respectively [1]

Core Viewpoint - CNOOC Services announced plans to convert a $746 million debt (approximately 5.242 billion RMB) owed by its wholly-owned subsidiary COSL Norwegian AS into equity investment, with a conversion price set at 1 Norwegian Krone per share, resulting in 7.533 billion shares to be issued [1] Group 1 - The investment is subject to approval by the board on January 20, 2026, and requires regulatory filing and registration with the Norwegian government [1] - Upon completion, CNOOC Services and CSL will hold 83.02% and 16.98% of the equity, respectively [1] - This investment does not involve related party transactions or significant asset restructuring, and it will not change the scope of the consolidated financial statements [1]

重要内容提示： 一、对外投资概述 （一）本次交易概况 证券代码：601808 证券简称：中海油服 公告编号：临 2026-001 1. 本次交易概况 中海油田服务股份有限公司 关于对 COSL Norwegian AS 的债权转为股权投资的公告 1 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。 COSL Norwegian AS 为公司全资子公司 COSL Hong Kong International Limited 下属全资子公司 COSL Singapore Limited（以下简称"CSL"）的全资 子公司，负责挪威地区的业务开展。截至本公告披露日，CSL 持有 COSL Norwegian AS 的 100%股权。 公司拟将截至 2025 年 8 月 31 日对 COSL Norwegian AS 的债权转为股权投资， 并与 COSL Norwegian AS 签署债权转股权协议，转股债权金额为 745,738,539.87 美元（按照 2025 年 12 月 31 日中国人民银行美元兑人民币汇率中间价 1：7.0 ...

Market Overview - The Shanghai Composite Index rose by 0.29% on January 19, with 23 out of the 28 sectors experiencing gains, led by the basic chemical and oil & petrochemical industries, which increased by 2.70% and 2.08% respectively [1] - The main funds in the two markets saw a net outflow of 35.714 billion yuan, while 13 sectors had net inflows, with the power equipment sector leading at a net inflow of 7.597 billion yuan and a daily increase of 1.84% [1] Oil & Petrochemical Industry - The oil & petrochemical sector increased by 2.08% with a net inflow of 381 million yuan, comprising 47 stocks, of which 41 rose and 5 fell, including 1 stock hitting the daily limit [2] - Among the stocks in this sector, the top net inflows were from Hengli Petrochemical at 137 million yuan, followed by Bohai Chemical and Sinopec with net inflows of 86.971 million yuan and 74.399 million yuan respectively [2] - The stocks with the highest net outflows included Renji Shares, CNOOC Services, and China National Offshore Oil Corporation, with outflows of 39.671 million yuan, 31.826 million yuan, and 28.997 million yuan respectively [2] Stock Performance in Oil & Petrochemical Sector - Key stocks in the oil & petrochemical sector and their performance include: - Hengli Petrochemical: +6.91%, turnover rate 0.70%, net inflow 136.603 million yuan - Bohai Chemical: +10.02%, turnover rate 8.62%, net inflow 86.971 million yuan - Sinopec: +1.54%, turnover rate 0.21%, net inflow 74.399 million yuan - Other notable stocks include Rongsheng Petrochemical (+4.90%), China National Petroleum (+0.20%), and others with varying performance [2][3]

Group 1 - The core viewpoint of the report indicates that geopolitical disturbances, particularly the ongoing situation in Iran, are significantly influencing oil prices, with Brent and WTI prices recorded at $64.13 and $59.34 per barrel respectively as of January 16, 2026 [1][2] - In the first half of the week, oil prices rose due to concerns over potential supply disruptions from Iran, while in the latter half, prices fell as plans for military action by the U.S. were temporarily shelved [1][2] - The report highlights that Brent crude futures settled at $64.13 per barrel, up by $0.79 (+1.25%) from the previous week, while WTI crude futures increased by $0.22 (+0.37%) to $59.34 per barrel [2] Group 2 - As of January 12, 2026, the global number of offshore self-elevating drilling rigs increased to 377, with notable additions in Southeast Asia, Europe, and the Middle East [3] - U.S. crude oil production decreased to 13.753 million barrels per day as of January 9, 2026, while the number of active drilling rigs rose to 410 as of January 16, 2026 [3] - U.S. refinery crude processing increased to 16.958 million barrels per day with a utilization rate of 95.30% as of January 9, 2026, reflecting a slight increase from the previous week [3] Group 3 - U.S. total crude oil inventories rose to 836 million barrels as of January 9, 2026, marking an increase of 3.605 million barrels (+0.43%) from the previous week [4] - The report details that gasoline inventories increased by 8.977 million barrels (+3.71%), while diesel and jet fuel inventories saw slight decreases [4] Group 4 - As of January 16, 2026, the FOB price for ester-based biodiesel remained stable at $1,150 per ton, while hydrocarbon-based biodiesel also held steady at $1,875 per ton [5] - The report notes that the price of waste cooking oil in China increased slightly, with prices recorded at $876.68 and $961.81 per ton for waste cooking oil and waste oil respectively [5] Group 5 - Relevant companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China Petroleum Corporation (PetroChina), among others [6]

Group 1: Market Overview - The report indicates that recent economic policies, including structural interest rate cuts, are expected to support economic recovery in the first quarter of 2026, with a likelihood of steady improvement in economic data [1] - The financial market policies have played a role in regulating previously overheated sectors, suggesting that the market may not sustain its previous rapid upward trend and could transition into a more volatile phase [1] Group 2: Bond Market Insights - The report highlights that the issuance of credit bonds increased, with a total of 342 bonds issued amounting to 3318.01 billion, reflecting a 6.25% week-on-week increase [4] - The report notes that the secondary market prices for publicly listed REITs have slightly declined, with the China REITs index closing at 790.22, resulting in a weekly return of -0.36% [3] - The convertible bond market experienced an uptick, driven by strong underlying stock performance, suggesting potential upward valuation space [5] Group 3: Industry-Specific Recommendations - In the consumer services sector, the report recommends investing in high-value mass catering leaders like Xiaocaiyuan (H) and fast-growing fresh convenience store operators like Guming (H) [9] - The education sector is advised to focus on national leaders such as New Oriental-S (H) and high school one-on-one leader Xueda Education [9] - In the tourism sector, the report suggests investing in OTA companies like Tongcheng Travel and Ctrip Group-S, as well as scenic spots like Emei Mountain and Changbai Mountain [9] Group 4: Financial Data and Policies - The report notes that M2 growth has risen to 8.5%, indicating a supportive monetary policy environment aimed at promoting high-quality economic development [10] - The People's Bank of China has announced a reduction in various structural monetary policy tool rates, which is expected to further support the real estate market and stabilize market expectations [11] Group 5: Company-Specific Developments - The report discusses China National Offshore Oil Corporation's (CNOOC) strategic focus on building a world-class energy group with distinct marine characteristics, recommending attention to CNOOC and its subsidiaries [12] - Newhan New Materials is set to acquire a 51% stake in Hairete, with no immediate impact on earnings expected, maintaining profit forecasts for 2025-2027 [15] - Zhuozhao Point Glue is highlighted for its advanced precision glue dispensing equipment and strategic acquisitions to enhance competitive advantages, with profit forecasts for 2025-2027 provided [16]

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The report highlights that geopolitical tensions, particularly regarding Iran, are significant factors influencing oil prices. The Brent and WTI oil prices were reported at $64.13 and $59.34 per barrel, respectively, as of January 16, 2026 [2][9]. Oil Price Overview - As of January 16, 2026, Brent crude futures settled at $64.13 per barrel, up $0.79 (+1.25%) from the previous week. WTI crude futures settled at $59.34 per barrel, up $0.22 (+0.37%). The Urals crude price remained stable at $65.49 per barrel, while ESPO crude rose by $0.49 (+0.98%) to $50.39 per barrel [2][26]. Offshore Drilling Services - As of January 12, 2026, the global number of offshore self-elevating drilling platforms was 377, an increase of 1 from the previous week. The number of floating drilling platforms was 130, also up by 1 [2][35]. U.S. Oil Supply - As of January 9, 2026, U.S. crude oil production was reported at 13.753 million barrels per day, a decrease of 58,000 barrels from the previous week. The number of active drilling rigs in the U.S. was 410, with an increase of 1 rig [2][49]. U.S. Oil Demand - U.S. refinery crude processing was 16.958 million barrels per day as of January 9, 2026, an increase of 49,000 barrels from the previous week. The refinery utilization rate was 95.30%, up 0.6 percentage points [2][57]. U.S. Oil Inventory - As of January 9, 2026, total U.S. crude oil inventories were 836 million barrels, an increase of 3.605 million barrels (+0.43%) from the previous week. Strategic oil inventories were 414 million barrels, up 214,000 barrels (+0.05%) [2][67]. Related Companies - Key companies mentioned include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina [2][3].

Report Overview - Report Title: Crude Oil Weekly Report: International Oil Prices Fluctuated and Rose Supported by Concerns over Iranian Supply - Report Date: January 18, 2026 - Chief Analyst: Chen Shuxian, CFA - Analyst: Zhou Shaowen 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report Core View The report mainly presents the weekly data of crude oil and refined oil in the United States, including prices, inventories, production, demand, and import and export volumes. It also provides the performance and valuation of related listed companies, and recommends a number of oil - related companies [2][3]. 3. Summary by Directory 3.1 Crude Oil Weekly Data Briefing - **Upstream Key Company Performance**: The report shows the recent performance of upstream key companies such as CNOOC, PetroChina, and Sinopec, including stock price changes in the past week, month, quarter, year, and year - to - date. It also provides the valuation of these companies, including total market value, net profit attributable to the parent company, P/E ratio, and P/B ratio [8]. - **Crude Oil Market**: Brent and WTI crude oil futures had average weekly prices of $64.8 and $60.3 per barrel respectively, up $3.2 and $2.6 from the previous week. The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.4 billion, 4.2 billion, 4.1 billion, and 0.2 billion barrels respectively, with a week - on - week increase of 361, 339, 21, and 75 barrels. US crude oil production was 13.75 million barrels per day, down 60,000 barrels per day week - on - week. The number of active US crude oil rigs was 410, up 1 week - on - week, and the number of active fracturing fleets was 156, up 4 week - on - week. US refinery crude oil processing volume was 16.96 million barrels per day, up 50,000 barrels per day week - on - week, and the refinery operating rate was 95.3%, up 0.6 percentage points week - on - week. US crude oil imports, exports, and net imports were 7.09 million, 4.31 million, and 2.79 million barrels per day respectively, up 750,000, 40,000, and 710,000 barrels per day week - on - week [2][8]. - **Refined Oil Market**: The average weekly prices of US gasoline, diesel, and jet fuel were $76, $92, and $89 per barrel respectively, with a week - on - week change of +$3.0, +$3.5, and -$5.1. The inventory of US gasoline, diesel, and jet fuel was 250 million, 130 million, and 40 million barrels respectively, with a week - on - week change of +8.98 million, -30,000, and -890,000 barrels. The production of US gasoline, diesel, and jet fuel was 9.03 million, 5.3 million, and 1.85 million barrels per day respectively, with a week - on - week change of +30,000, -20,000, and -20,000 barrels. The consumption of US gasoline, diesel, and jet fuel was 8.3 million, 4.1 million, and 1.88 million barrels per day respectively, with a week - on - week change of +130,000, +900,000, and +180,000 barrels. The import, export, and net export of US gasoline were 130,000, 860,000, and 730,000 barrels per day respectively, with a week - on - week change of +30,000, -110,000, and -130,000 barrels. Similar data is also provided for diesel and jet fuel [2][9]. - **Oil Service Market**: The average weekly daily rates of self - elevating offshore drilling platforms and semi - submersible offshore drilling platforms remained unchanged week - on - week, month - on - month, and quarter - on - quarter [9]. 3.2 This Week's Petroleum and Petrochemical Sector Market Review - **Petroleum and Petrochemical Sector Performance**: The report presents the performance of the petroleum and petrochemical sector, including the sector's overall performance and the performance of its sub - industries. However, specific numerical data is not fully presented in the provided text [11]. - **Listed Company Performance in the Sector**: The report shows the stock price changes of upstream companies in the sector, including CNOOC, PetroChina, Sinopec, and other companies, in the past week, month, quarter, year, and year - to - date. It also provides the valuation of these companies, including total market value, net profit attributable to the parent company, P/E ratio, and P/B ratio [22][23]. 3.3 Crude Oil Sector Data Tracking - **Crude Oil Price**: The report shows the prices of various crude oils such as Brent, WTI, Russian Urals, and Russian ESPO, as well as their price differences. It also analyzes the relationship between the US dollar index, LME copper price, and WTI crude oil price [8][9]. - **Crude Oil Inventory**: It presents the inventory data of US crude oil, including total inventory, commercial inventory, strategic inventory, and Cushing inventory, and analyzes the relationship between US commercial crude oil inventory and oil prices [8][41]. - **Crude Oil Supply**: It shows the production data of US crude oil, including production volume, the number of drilling rigs, and the number of fracturing fleets, and analyzes the relationship between the number of drilling rigs, fracturing fleets, and oil prices [8][60]. - **Crude Oil Demand**: It presents the crude oil processing volume and operating rate of US refineries, as well as the operating rates of Chinese local and major refineries [8]. - **Crude Oil Import and Export**: It shows the import, export, and net import data of US crude oil and petroleum products [8]. 3.4 Refined Oil Sector Data Tracking - **Refined Oil Price**: It analyzes the relationship between international oil prices and domestic gasoline, diesel, and jet fuel prices, and presents the prices and price differences of refined oils in different regions such as the US, Europe, and Singapore [9][91]. - **Refined Oil Inventory**: It shows the inventory data of US and Singapore gasoline, diesel, and jet fuel [9]. - **Refined Oil Supply**: It presents the production data of US gasoline, diesel, and jet fuel [9]. - **Refined Oil Demand**: It shows the consumption data of US gasoline, diesel, and jet fuel, as well as the number of airport security checks of US passengers [9][150]. - **Refined Oil Import and Export**: It shows the import, export, and net export data of US gasoline, diesel, and jet fuel [9]. 3.5 Oil Service Sector Data Tracking The report presents the average daily rates of self - elevating and semi - submersible offshore drilling platforms [9]. 3.6 Related Listed Companies - **Recommended Companies**: CNOOC/China National Offshore Oil Corporation (600938.SH/0883.HK), PetroChina/PetroChina Company Limited (601857.SH/0857.HK), Sinopec/China Petroleum & Chemical Corporation (600028.SH/0386.HK), CNOOC Energy Technology & Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), CNOOC Development Co., Ltd. (600968.SH) [3]. - **Companies to Watch**: Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), Sinopec Machinery Co., Ltd. (000852.SZ) [3].

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The report emphasizes the commitment of the China National Offshore Oil Corporation (CNOOC) to build a world-class energy group with distinct marine characteristics during the "14th Five-Year Plan" and outlines the strategic direction for the "15th Five-Year Plan" [4][5] - CNOOC aims to enhance its energy security capabilities, improve operational efficiency, and foster innovation while addressing challenges posed by external market conditions [4][6] - The company plans to focus on high-quality development, technological innovation, and digital transformation to strengthen its core competitiveness and contribute to national energy security [5][6] Summary by Sections Industry Overview - CNOOC has established a comprehensive marine energy development system, covering conventional oil and gas, deepwater oil and gas, LNG, and offshore wind power, positioning itself as a leader in marine energy development in China [8] Strategic Goals for the "15th Five-Year Plan" - CNOOC will focus on eight key areas: enhancing oil and gas exploration and production, refining and chemical industries, sales and trade of oil and gas products, strategic development of "electricity-hydrogen-carbon" businesses, exploration of marine mineral resources, improving technical service capabilities, enhancing financial service capabilities, and boosting technological innovation [6][7] Performance and Financial Outlook - CNOOC's oil production is projected to grow at a CAGR of 8.0% from 2021 to 2024, while natural gas production is expected to grow at a CAGR of 10.5% [9] - The company has shown resilience in performance during periods of declining oil prices, with significant improvements in free cash flow exceeding 100 billion yuan from 2022 to 2023 [9] - CNOOC plans to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, highlighting its commitment to returning value to investors [9] Investment Recommendations - The report suggests focusing on CNOOC and its subsidiaries, including CNOOC Oilfield Services, CNOOC Engineering, and CNOOC Development, due to their integrated advantages across the oil and gas value chain and strong growth potential [11]

Core Viewpoint - The company, CNOOC Services, is recognized as one of the largest integrated oilfield service providers globally, offering a comprehensive range of services across various stages of oil and gas exploration, development, and production [2] Group 1: Company Overview - CNOOC Services possesses a complete service chain and a robust offshore oil service equipment fleet [2] - The company's primary business includes geophysical data acquisition, engineering surveying services, drilling services, oilfield technical services, and vessel services [2] - CNOOC Services can provide both standalone operational services and integrated turnkey project services to its clients [2] Group 2: Service Regions - The service areas of CNOOC Services encompass offshore and onshore operations in China, as well as regions in Asia-Pacific, the Middle East, Europe, the Americas, and Africa [2] - In Europe, the company specifically operates in the North Sea, covering the UK and Norwegian sectors [2]