China Oilfield Services: Framework Agreement Extension Fuels Continued Growth

China Oilfield Services Limited (COSL) entered into a new Master Services Framework Agreement with CNOOC on October 29, 2025. This agreement, effective from January 1, 2026, until December 31, 2028, will see COSL continue to provide oilfield services to the CNOOC Group. The CNOOC Group will provide machinery leasing, kinetic energy, material, and other ancillary services, as well as property services to COSL. CNOOC, holding a 50.86% interest in COSL, is the controlling shareholder.

The highest applicable percentage ratio for the Proposed Annual Caps exceeds 5%, subjecting these continuing connected transactions to reporting, announcement, and Independent Shareholders' approval under Hong Kong Listing Rules Chapter 14A. For oilfield services to CNOOC, proposed annual caps are RMB48,400 million for 2026, RMB52,800 million for 2027, and RMB57,200 million for 2028.

For machinery leasing, kinetic energy, material, and other ancillary services from CNOOC to COSL, the proposed annual caps are RMB4,747 million for 2026, RMB5,411 million for 2027, and RMB7,066 million for 2028. Property services from CNOOC to COSL have proposed annual caps of RMB363 million for 2026, RMB429 million for 2027, and RMB484 million for 2028.