Group 1 - CNOOC Services Co., Ltd. announced the public candidates for the adaptation modification of the rear deck production of the Ocean Oil 623 vessel and the 2025 December voyage repair [1] - The company has made investments in 11 enterprises and participated in 26,474 bidding projects [1] - CNOOC Services holds 346 trademark records, 2,688 patent records, and 465 copyright records, along with 199 administrative licenses [1] Group 2 - The supplier for the project is Zhanjiang Qianxiang Electromechanical Technology Service Co., Ltd. [2] - The winning bid amount for the project is approximately 5,188,014.66 [2] - The project is located in Tianjin [2]

Financial Data and Key Metrics Changes - Total company inbound for the year was $11.2 billion, with a backlog ending at $16.6 billion, representing a 15% increase from the prior year [5][23] - Total company revenue for the year grew 9% to $9.9 billion, with Adjusted EBITDA improving to $1.8 billion, an increase of 33% compared to the prior year [5][22] - Full-year free cash flow increased to $1.4 billion, and shareholder distributions grew to $1 billion, both more than double the levels achieved in the prior year [5][22] Business Line Data and Key Metrics Changes - In Subsea, revenue was $2.2 billion, a decrease of 5% versus the third quarter, but full-year revenue grew 11% compared to the prior period [16] - Adjusted EBITDA for Subsea was $416 million, down 18% sequentially, but the full-year adjusted EBITDA margin improved by 340 basis points to 20.1% [16] - Surface Technologies revenue was $323 million, a decrease of 2% from the third quarter, with adjusted EBITDA increasing by 8% sequentially to $58 million [17] Market Data and Key Metrics Changes - The Subsea Opportunities List reflects approximately $29 billion of opportunities for future development, marking the highest level ever recorded [11] - The company expects a greater share of capital spending to move offshore, with improved project economics [11] Company Strategy and Development Direction - The company is focused on expanding its configure-to-order offerings and enhancing integrated execution to drive further advancements [14] - A shift in customer behavior towards a portfolio approach for offshore development is noted, allowing for simultaneous project execution [9][10] - The company aims to reduce cycle times and improve project returns, which is seen as a key differentiator in the market [15][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strength in offshore activity through the end of the decade, driven by a growing Subsea Opportunities List and increased customer confidence [11][12] - The company anticipates further growth in backlog and revenue, with a focus on high-quality projects and operational efficiencies [19][23] Other Important Information - The company repurchased $168 million of stock in the fourth quarter, with total shareholder distributions exceeding $1 billion for the year [18][22] - The company is committed to a disciplined, asset-light approach to capital management, with anticipated capital expenditures of approximately $340 million for the full year [21] Q&A Session Summary Question: Can you elaborate on margin expansion potential from industrializing the SURF process? - Management indicated that industrialization and configure-to-order product architecture are expected to drive significant efficiency gains and improved project certainty [27][28] Question: How much visibility do you have on further margin expansion in Subsea? - Management confirmed that the company is inbounding at a level that is accretive to backlog margin, indicating a positive outlook for revenue and EBITDA [30] Question: Can you discuss the renewed interest in Greenfield developments? - Management noted that there is substantial interest in Greenfield developments, with many projects that had been on hold now moving forward due to improved project economics and confidence [36][37] Question: What is the expected revenue from Subsea services in 2026? - Management expects Subsea services to grow in line with top-line growth, estimating around $2 billion for the year [56] Question: How does the portfolio approach impact your sales funnel? - Management stated that while the portfolio approach is still a smaller portion of discussions, it is gaining traction as customers respond positively to this strategy [90][91]

Group 1 - The core point of the article is that CNOOC Oilfield Services Co., Ltd. has announced the candidates for the procurement of drilling anchor machine parts, with the announcement date being February 9, 2026 [1]

Core Viewpoint - CNOOC Services has released its strategic guidance for 2026, projecting capital expenditures of approximately 8.44 billion yuan, primarily for equipment investment, technology research and development, and base construction [1] Group 1: Capital Expenditure and Investment - The capital expenditure for 2026 is expected to be around 8.44 billion yuan, focusing on equipment investment and upgrades, technology R&D, and base construction [1] - The company plans to allocate approximately 3.5 to 4 billion yuan for equipment maintenance and upgrades, with potential new ship purchases [1] Group 2: Revenue and Profit Forecast - The company anticipates that high-value deepwater operations in Norway will gradually contribute to performance growth in the first half of 2026, with orders expected to extend until 2028 [1] - The daily rate for the South China Sea No. 8 drilling platform in Brazil is approximately 147,000 USD, with profit contributions expected to materialize in 2026 [1] - The profit forecast for 2026 has been raised by 3% to 4.5 billion yuan, with a net profit estimate for 2027 set at 4.77 billion yuan, while maintaining the 2025 net profit forecast [1] Group 3: Stock Ratings and Price Targets - The company maintains an "outperform industry" rating, with the A-share target price increased by 16% to 19.1 yuan, indicating a 22.8% upside potential [1] - The H-share target price has been raised by 15% to 10.2 HKD, reflecting a 17.2% upside potential [1]

Core Viewpoint - The successful completion of the towing and positioning task for the CB12D wellhead by the CNOOC Hai 63 platform highlights the increasing operational challenges and precision required in offshore oilfield operations [1][3] Group 1 - The CB12D well group currently operates with two platforms, facing limited operational space and the need to avoid potential risks such as underwater pipelines [1] - The towing precision and collaboration efficiency have become more critical due to the operational constraints [1] - A detailed operational plan was developed in advance, and a professional towing command team was established to ensure effective execution [3] Group 2 - The towing command team utilized their extensive experience to issue precise instructions during the operation [3] - The cooperation among tugboat captains was key to ensuring high-quality and efficient completion of the task [3]

Core Viewpoint - The company, CNOOC Services (03303.HK), announced a proposed rights issue to raise up to approximately HKD 56.9 million, contingent upon the fulfillment of certain conditions [1] Group 1: Rights Issue Details - The company plans to issue 355,547,898 rights shares at a subscription price of HKD 0.16 per share [1] - The basis for allocation is set at one rights share for every six existing shares held by eligible shareholders on the record date [1] - The rights issue is non-underwritten and participation is limited to eligible shareholders only, excluding ineligible shareholders from participation [1] Group 2: Financial Projections - Assuming no changes in the total issued share capital of the company as of the record date, the maximum net proceeds from the rights issue, after estimated expenses, are expected to be approximately HKD 55.1 million [1]

Core Viewpoint - The company proposes a rights issue of approximately 356 million shares at a subscription price of HKD 0.16 per share, representing a discount of about 69.23% from the last trading price of HKD 0.520 per share [1] Summary by Category Rights Issue Details - The board of the company recommends a "6 for 1" basis for the rights issue, aiming to raise approximately HKD 55.1 million if fully subscribed [1] - The subscription price is significantly lower than the last closing price, indicating a substantial discount to attract investors [1] Use of Proceeds - Approximately 90% of the net proceeds from the rights issue will be allocated for the expansion of the company's existing production facilities [1] - The remaining 10% will be used for general working capital and corporate purposes [1]

Core Viewpoint - The company proposes a rights issue of approximately 356 million shares at a subscription price of HKD 0.16 per share, representing a discount of about 69.23% from the last trading price of HKD 0.520 per share [1] Group 1 - The net proceeds from the rights issue are expected to be approximately HKD 55.1 million [1] - Approximately 90% of the funds raised will be allocated for the expansion of the company's existing production facilities [1] - The remaining 10% will be used for general working capital and corporate purposes [1]

Group 1 - The core viewpoint of the article is that Haiyou Development (600968) is actively engaged in overseas business operations across several countries [1] Group 2 - The countries involved in Haiyou Development's overseas business include Iraq, Qatar, Uganda, Tanzania, Canada, Indonesia, and Brunei [1]

Core Viewpoint - The company, CNOOC Limited, announced the issuance of new shares as part of its 2016 option plan, involving both a director and two employees [1] Group 1 - On January 8, 2026, the company will issue 146,000 new shares to one of its directors under the 2016 option plan [1] - On the same date, the company will issue 657,000 new shares to two employees under the 2016 option plan [1]