China Oilfield Services Ltd - Company Profile
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Business Description
China Oilfield Services Ltd (COSL), a subsidiary of China National Offshore Oil Corp, provides integrated oilfield services. Its services cover each phase of oil and gas exploration, development and production. COSL mainly focuses on investing in the construction of drilling rigs, utility vessels, geophysical vessels, integrated surveying vessels, and procurement of well services equipment.
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R&D Overview
COSL strengthened technological breakthroughs in key fields, enhanced industrial innovation through technological innovation, and established a virtuous cycle of technological research and development, transformation, iteration, and value creation. The company released the Xuanyue brand of high-end oil and gas technology equipment, achieving technological breakthroughs in deep-water, deep-layer, low-porosity, and low-permeability oil and gas exploitation. The Xuanji system's large-scale application capability has been enhanced, and the directional rotary steerable system was successfully applied in the Bohai Oilfield. The Haihong well completion system has been applied in domestic offshore oilfields, improving the autonomy level of China’s offshore well completion industry. The company integrated its technological advantages across the industrial chain, advanced the marketization of its technologies and products, and secured overseas orders, demonstrating technological strength and market competitiveness. The Xuanji system and self-developed logging instruments expanded external market share, strengthening the technology influence of the COSL brand. In FY2024, the company spent CNY1,384.9 million on R&D, which as a percentage of revenue stood at 2.9% and grew 10.4% YoY.
Business Segments
- Drilling Services
- Geophysical Acquisition and Surveying Services
- Marine Support Services
- Well Services
Overview
Provides oilfield services such as drilling, module rigs, land drilling rigs and drilling rigs management. Supplies offshore drilling services in China and other countries. The segment mainly focuses on investing in the construction of drilling rigs. In FY2024, the segment incurred a capital expenditure of CNY3,923.6 million, which declined 36.4% YoY.
Performance
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Overview
Provides offshore seismic data collection, marine surveying, data processing, offshore pipeline inspection and underwater light structure installation services. The segment mainly focuses on investing in the construction of geophysical vessels and integrated surveying vessels. In FY2024, the segment incurred a capital expenditure of CNY486.8 million, which grew 0.3% YoY.
Performance
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Overview
Provides comprehensive support and services, including anchor handling for different water levels, towing of drilling rigs/engineering barges, offshore transportation, standby, firefighting, rescue, oil spill assisting, for offshore exploration, development, construction and oil and gas field production. Transports materials, supplies and personnel to offshore facilities, moves and positions drilling structures, and transports crude oil and refined products. It operates and manages AHTS, platform supply and oilfield standby vessels. In FY2024, the segment incurred a capital expenditure of CNY285.3 million, which declined 8.6% YoY.
Performance
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Overview
Provides comprehensive well services, including logging and downhole services such as drilling and completion fluids, directional drilling, cementing, well completion, well workover and stimulation. It also markets well chemical materials. The segment mainly focuses on investing for the construction and purchase of various well services equipment. In FY2024, the segment incurred a capital expenditure of CNY2,624.7 million, which declined 5.6% YoY.
Performance
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Geographical Segments
Performance
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Performance
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