Sinopec oilfield service corp to cut capital, overhaul governance

Sinopec Oilfield Service Corp announced it will reduce its registered capital to RMB 18,957,045,833 due to the cancellation of 4,928,000 H shares and 22,366,200 A shares. The company's board approved amendments to its articles of association, including the abolition of the board of supervisors and the transfer of its functions to a newly established audit committee under the board of directors.

The governance changes, effective by January 1, 2026, also include adjusting the board's structure to add at least one employee director, revising shareholder and board powers, and shortening the notice period for shareholder meetings. Other updates strengthen minority shareholder rights and allow the use of capital reserves to offset losses. These changes align with the revised company law (2023 amendment) and related regulatory requirements.

In the third quarter of 2025, Sinopec Oilfield Service Corp reported total operating revenue of RMB 55.16 bn, a slight increase of 0.5% year-on-year. Net profit attributable to shareholders was RMB 669.14 m, a decrease of 1.0% year-on-year. New contracts signed totaled RMB 82.21 bn, up 9.5%, with overseas contracts growing 62.0% to RMB 26.28 bn.