China Oilfield Services reports strong third quarter profit growth

China Oilfield Services Limited (COSL) reported a substantial increase in its financial performance for the first three quarters of 2025. The company's revenue for the period reached RMB34,853.7 million, a 3.5% increase compared to the same period last year. Total profit grew by 14.3% to RMB4,168.6 million, with net profit attributable to shareholders of the company surging 31.3% to RMB3,209.4 million. Basic earnings per share increased by 31.4% to RMB0.67, mainly due to improved equipment utilization and successful high daily-rate projects.

The drilling services segment saw a 12.3% increase in operating days, totaling 14,784 days, with jack-up drilling rigs and semi-submersible drilling rigs contributing significantly. The calendar day utilization rate for drilling rigs improved by 11.6 percentage points to 90.3%. Marine support services also experienced strong growth, with operating days increasing by 17.7% to 62,589 days, especially in standby and AHTS vessels.

However, geophysical acquisition and surveying services faced declines, with 2D acquisition decreasing by 61.8% and 3D acquisition by 40.3%. Despite this, the company maintained steady operational growth by focusing on high-return businesses and optimizing production capacity. Net cash flows from operating activities for the period were RMB1,986.4 million.