China Oilfield Services (2883) Q3 2024 earnings summary

Executive summary

• Operating revenue for the first three quarters of 2024 reached CNY 33.66 billion (RMB33,661.5 million), up 14.1% year-over-year.

• Net profit attributable to shareholders was CNY 2.637 billion (RMB2,444.7 million), a 7.5% increase year-over-year.

• The company advanced international market strategies, integrated project development, and technology-driven growth, supporting steady operational improvement.

• Operating performance improved steadily, with total profit up 15.8% year-over-year to RMB3,646.7 million.

• Strategic focus areas included technology-driven growth, cost leadership, integration, internationalization, and regional development.

Financial highlights

• Q3 2024 revenue was RMB11,133.0 million, up 4.7% compared to Q3 2023.

• Q3 2024 net profit attributable to shareholders was RMB852.3 million, down 8.8% year-over-year.

• Drilling segment operating days totaled 13,166, remaining stable year-over-year.

• Technical segment revenue reached CNY 18.866 billion and operating profit CNY 3.252 billion, both maintaining double-digit growth.

• Vessels segment saw a 29.4% year-over-year increase in operating ship-days, with revenue growth exceeding 20%.

Outlook and guidance

• Overseas market revenue and profitability are expected to improve in 2025, driven by high day-rate projects in Norway, resumed operations in Saudi Arabia, and new projects in Brazil.

• The company expects continued growth by leveraging international market opportunities and integrated, high-value projects.

• The company remains optimistic about stable or rising workload and utilization rates for rigs through 2027, supported by long-term contracts.

• Continued investment in R&D and technology is expected to sustain growth and value creation.

• Ongoing focus on technology transformation and long-term customer relationships to drive performance.