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China Oilfield Services (2883) investor relations material

China Oilfield Services H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary27 Aug, 2025

Executive summary

  • Net profit increased 21.5–22% year-over-year in 1H2025, with revenue up 3.5–8% and all key operational metrics improving.

  • Operational efficiency and platform utilization rates reached 91–93%, with cost profit margins and labor productivity rising.

  • Overseas operations and integrated project revenues expanded, with significant contract wins in the Middle East, Asia Pacific, and Europe.

  • Technological innovation and digital transformation accelerated, including commercialization of new seismic and drilling technologies.

Financial highlights

  • Revenue reached RMB23.3 billion (+3.5–8% yoy), net profit RMB2.08 billion (+21.5–22% yoy), and operating profit RMB2.91 billion (+4–8% yoy).

  • EBITDA was RMB6.48 billion (+10% yoy), EPS RMB0.41 (+24% yoy), and ROE 4.3%.

  • Drilling services revenue rose 12.8%, marine support up 19.8%, while well services declined 3.5–$400 million.

  • Asset-liability ratio stable at 45.9%, cash conversion cycle improved to 35 days.

  • Calendar day utilization rate for drilling rigs reached 91.2%, up 10.4 percentage points year-over-year.

Outlook and guidance

  • Oil prices expected to remain stable at $65–$70/barrel, but global upstream spending may decrease by 4% in 2025.

  • Contracts for overseas drilling rigs secured through 2027–2030, supporting stable revenue in the next 2–3 years.

  • Focus on technology-driven, cost leadership, and integrated international growth, with continued investment in digital and green energy transformation.

  • Deep-sea oilfields and CCUS services identified as new growth areas amid weak demand for traditional oilfield services.

  • Continued focus on cost control and operational efficiency to offset market volatility.

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Frequently asked questions

China Oilfield Services Limited (COSL) is a provider of offshore oilfield services, operating in Mainland China and internationally. The company's business is segmented into four main areas: Drilling Services, which includes oilfield drilling services; Oil Field Technical Services, offering logging, drilling fluids, and directional drilling services; Geophysical and Engineering Exploration Services, providing seismic prospecting and engineering exploration; and Marine Support Services, which involves the transportation of supplies, including crude oil and refined oil and gas products. The company is headquartered in Langfang, China, and its shares are listed on the Hong Kong Stock Exchange.

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