China Oilfield Services reports strong growth, profit surge in first half

China Oilfield Services Limited (COSL) reported a 3.5% increase in total revenue to RMB23,295.1 million for the first half of 2025, up from RMB22,496.7 million in the same period last year. Net profit attributable to owners of the company surged by 23.3% to RMB1,963.8 million, contributing to a basic earnings per share of RMB0.41. The company's operating profit also grew by 8.0% to RMB2,908.6 million.

Drilling services revenue rose by 12.8% to RMB7,231.4 million, benefiting from higher rig utilization rates in China and improved pricing in the North Sea. However, oilfield technical services revenue saw a slight decrease of 3.5% to RMB12,364.0 million due to reduced drilling activity in some global regions. Conversely, marine support services revenue increased significantly by 19.8% to RMB2,606.0 million, driven by the addition of 21 operating vessels and higher utilization rates.

Despite global economic uncertainties and volatile oil prices, COSL’s strategic focus on operational efficiency and technological innovation has positioned it for continued growth, particularly in deep-water oil and gas development and CCUS services. The company's capital expenditure for the period was RMB2,521.0 million, a modest decrease of 1.3% compared to the previous year.