COSL shareholders approve supervisory committee cancellation, governance changes

China Oilfield Services Limited (COSL) announced that all resolutions proposed at its First Extraordinary General Meeting (EGM) held on December 2, 2025, were passed. A key outcome was the approval of the cancellation of the supervisory committee and related amendments to the articles of association. This was passed as a special resolution with 3,298,401,689 votes for, 511,014 against, and 1,393,549 abstentions. COSL will no longer establish a supervisory committee, with its functions transferred to the board's audit committee.

Shareholders also approved several ordinary resolutions, including amendments to the rules of procedure for shareholders’ general meeting, the board of directors, and the independent director system, all with overwhelming majorities. The resolution concerning continuing connected transactions for the next three years passed with 872,831,152 votes for.

Shareholders representing 3,300,306,252 shares, or 69.165727% of the total issued share capital, attended the meeting. CNOOC and its associates, holding 2,426,857,300 shares, approximately 50.86%, abstained from voting on the resolution related to continuing connected transactions.