Summary of the Conference Call for CNOOC Services Industry Overview - The conference call primarily discusses the performance and outlook of the offshore oil services industry, particularly focusing on CNOOC Services. Key Points and Arguments Financial Performance - For the first three quarters of 2025, the company reported a revenue of RMB 34.854 billion, representing a year-on-year increase of 3.5% [3] - The net profit attributable to shareholders reached RMB 3.209 billion, with a year-on-year growth of 31.3% [3] Segment Performance - **Drilling Segment**: - Achieved significant improvements in operational efficiency through lean management and resource optimization, with calendar day utilization increasing by over double digits year-on-year [2][3] - Revenue saw a substantial increase, indicating enhanced market competitiveness [2] - **Technology Segment**: - Expanded its technical system towards demand and application ends, with a year-on-year increase in operational volume across major business lines [2][3] - **Vessel Segment**: - Consolidated domestic market share with a total of 9,427 additional operating days year-on-year, showing a revenue growth rate close to 10% [2][3] - **Tungsten Carbon Segment**: - Focused on high-return businesses and optimized capacity layout, achieving year-on-year growth in both revenue and profit [2][3] Market Conditions - The domestic drilling platform workload is fully utilized with no idle capacity, and a stable supply-demand balance is expected to continue in the coming years, providing a solid market demand and profit outlook [2][9] - In the overseas market, the day rate for semi-submersible platforms in the North Sea exceeds USD 300,000 per day, with contracts extending to 2030, contributing significantly to revenue and profit [2][10] Debt Management - The company effectively reduced interest expenses by repaying maturing USD debts, which lowers financial risk and creates favorable conditions for future profit growth [2][16] Future Contracts and Pricing - The framework agreement for the next three years is still in progress and is expected to be approved in December, focusing on work processes and service content rather than specific workload and pricing [4] - The pricing is anticipated to remain relatively stable in 2026 compared to 2025 [4] New Contracts and Market Trends - New contracts for drilling platforms are primarily concentrated in the Asia-Pacific region, with no particularly satisfactory long-cycle, high-yield contracts signed this year [8] - The oilfield technology service segment saw an increase in new orders, especially in the Middle East, Iraq, and North America, with a notable rise in contract volume despite smaller amounts [14][15] Technological Advancements - The company is advancing in smart and digital applications, including intelligent drilling platforms and smart oilfield construction, enhancing operational efficiency and effectiveness [17] Taxation Issues - The company is actively engaging with local tax authorities in Mexico to mitigate tax risks and improve internal management to lower overseas tax liabilities [18] Additional Important Information - The company’s "15th Five-Year Plan" aims for leapfrog development with clear annual targets to continuously explore potential and achieve higher operational goals [12] - The oilfield technology service segment's overall revenue and profit remained stable with slight declines due to changes in business calculation models [13]

Q3 归母净利润超预期 机构：天风证券 研究员：张樨樨/姜美丹 盈利预测与投资评级：维持预测2025-2027 年归母净利润为40.3/42.4/44.3亿元，A 股对应PE 17 /16/15 倍，维持"买入"评级。 2025Q3 公司营业收入达115 亿元，同比+3.6%；归母净利润为12.5 亿元，同比+46%，超市场预期。我 们认为超预期的原因可能是1）钻井平台作业饱满，使用率大幅增长带来的利润弹性，2）财务利息费用 减少。 风险提示：中海油2025 年资本开支不及预期的风险；国际油价大跌影响油公司资本开支意愿的风险； 海外订单拓展或作业进展不及预期。 油田技术服务收入前三季度作业量保持同比增长公司坚定不移激发技术驱动引擎，着力打造以基础科研 为驱动的关键核心技术体系，深化产业链与创新链融合发展，有效推动技术体系进一步向需求和应用两 端延伸，二零二五年前三季度油田技术服务主要业务线作业量同比保持增长。 受益海外合同兑现，钻井平台板块作业量大幅增长2025Q3 作业天数为4878 天，同比+16%，环比-3%； 其中半潜式钻井平台作业天数同比+59%，环比-4%；自升式平台同比+8%，环比-2%。 20 ...

Summary of China Oilfield Services Limited (COSL) Conference Call Company Overview - **Company**: China Oilfield Services Limited (COSL) - **Period**: First three quarters of 2025 Key Financial Performance - **Revenue**: - Total revenue reached RMB 34.854 billion, a year-on-year increase of 3.5% driven by high-value exploration and production services despite fluctuating oil prices [2][3] - **Net Profit**: - Net profit attributable to shareholders increased by 31.3% year-on-year, totaling RMB 3.209 billion [2][3] - **Effective Tax Rate**: - Decreased from approximately 28% in Q1-Q3 2024 to around 20% in mid-2025, attributed to improved operations in Norway and absence of vessel idling issues in Saudi Arabia [2][7][10] Segment Performance - **Drilling Segment**: - Achieved double-digit growth in calendar day utilization rates through lean management and optimized resource allocation [2][4] - **Technical Service Segment**: - Experienced a 3% revenue decrease due to reduced global upstream investment, but profit margins remained above 16% [2][11] - **Vessel Segment**: - Consolidated leading market share domestically with operational days increasing by 9,427 days year-on-year, driving nearly 10% growth in segment revenue [4] - **Non-Carbon Segment**: - Focused on high-return businesses, achieving both revenue and profit growth year-on-year [4] Operational Insights - **Global Operations**: - COSL is focused on maintaining high efficiency in current drilling operations and dynamically adjusting equipment utilization globally [2][6] - **Market Conditions**: - Increased uncertainty in the global energy services market due to fluctuating oil prices, but COSL is meeting demand for increased reserves and production [3] - **Future Projections**: - Anticipates continued upward trends in gross margins into Q4 2025, despite slight revenue declines in Q2-Q3 [2][13] Strategic Focus - **Resource Security**: - COSL aims to ensure resource security for domestic oil and gas reserve increases while emphasizing overseas operational quality and technological innovation [4] - **Overseas Expansion**: - Plans to expand overseas operations, particularly in technical services, through collaboration with global IOC and NOC entities [12][21] - **Debt Management**: - Achieved significant savings in finance costs through active debt management, including repaying $1 billion USD of debt [20] Additional Insights - **Operational Capacity**: - Improved profitability in the online segment indicates near full capacity utilization of North Sea assets [18] - **Contract Growth**: - Locked overseas technical contracts grew nearly 47% year-on-year, with bundled services increasing by 255% [23] - **Systemic Charging**: - Systemic charging has become a trend in mainland China, constituting approximately 50% of operations volume, with minimal short-term impact on profitability [16] This summary encapsulates the key points from the conference call, highlighting COSL's financial performance, segment insights, strategic focus, and operational conditions.

近日，世界500强、全球油田技术服务巨头斯伦贝谢在成都双流区落成其中国陆地服务总部。这一总投 资7亿元、占地42亩的新基地，规模较原基地扩大4倍，旨在提升其对中国陆地油气市场的服务能力，成 为该公司深耕中国市场的最新战略支点。 早在2002年，斯伦贝谢便开始了在成都的发展。20余年，斯伦贝谢在成都的"根"越扎越深，此次总部的 落成，更将当初写在投资协议中的合作愿景，变成了生动的发展现实。 "未来，双流区将持续提供全方位优质服务，强化政策措施、要素保障与创新支持，助推斯伦贝谢增产 增效。"双流区相关负责人如此展望接下来的发展：期待通过深化政企合作，让更多高端项目、合作伙 伴与顶尖人才在双流汇聚，为加快能源装备产业布局，打造国际领先的能源技术协同创新高地注入更多 动能。 持续优化营商环境 全生命周期服务吸引外资 企业持续加码成都，是斯伦贝谢在中国业务的持续扩张，也得益于当地营商环境的持续优化。今年以 来，成都通过常态化开展外企"进解优促"专项工作，强化外资企业全生命周期服务。 去年12月，跨国企业"成都园区行"系列活动启动，首场的在蓉外企与局长"面对面"活动，斯伦贝谢提出 项目建设接近尾声，面临项目验收、执照变更 ...

Group 1: Asset Injection and Business Structure - The company plans to leverage its capital platform to inject quality assets to improve its operational structure, with a focus on mergers and acquisitions in 2025 [2][3] - The company aims to enhance its net asset scale and capital strength through cash acquisitions and share issuance [2][3] Group 2: Cash Flow and Financial Health - In 2024, the net cash flow from operating activities was 89.79 million CNY, a significant improvement of 503.53% compared to -22.25 million CNY in 2023 [4] - Operating cash flow covered capital expenditures of 26.71 million CNY, indicating healthy cash flow management [4] - The company incurred financing cash outflows of 124.56 million CNY but supplemented this with new borrowings of 145.30 million CNY, resulting in a net cash flow of 20.74 million CNY [4] Group 3: Cost Control Measures - Operating costs increased by 25.33% to 330.97 million CNY in 2024, primarily due to business volume growth [5] - Labor costs rose by 13.76% to 98.10 million CNY, but their proportion of operating costs decreased from 32.65% to 29.64% [6] - The company achieved a 47.68% increase in labor and leasing costs, reflecting the expansion of third-party service needs [6] Group 4: Order Acquisition and Revenue Forecast - As of March 31, 2025, the company had orders on hand worth 94.99 million CNY and new orders of 264.44 million CNY, indicating a positive revenue outlook for 2025 [6][7] - The company anticipates continued revenue growth in 2025 compared to 2024 [6][7] Group 5: Research and Development - In 2024, the company focused on new processes and technologies in oilfield services, resulting in the acquisition of 1 invention patent and 8 utility model patents [7] Group 6: Financial Performance and Risks - The company reported a net loss of 15.74 million CNY in 2024, primarily due to low gross margins influenced by industry factors [8] - The asset-liability ratio stood at 83.21%, with interest-bearing debt at 125.30 million CNY, indicating manageable debt levels [11] - Major risks include industry concentration, policy changes, and oil price fluctuations, with strategies in place to mitigate these risks [12]