China Oilfield Services Q3 2024 Earnings Mixed

China Oilfield Services Class H ( (CHOLF) ) has realeased its Q3 earnings. Here is a breakdown of the information China Oilfield Services Class H presented to its investors.

China Oilfield Services Limited (COSL) is a leading provider of oilfield services, specializing in offshore operations in the energy sector, renowned for its comprehensive range of services including drilling, marine support, and geophysical acquisition.

In its third quarter earnings report for 2024, COSL reported a mixed financial performance with a significant increase in revenue but a slight decrease in net profit attributable to shareholders compared to the same period last year. The company continues to strengthen its market position by optimizing its international strategic layout and focusing on high-value projects.

Key financial highlights for the third quarter include a revenue increase of 14.1% year-over-year, totaling RMB 33,661.5 million. Despite the revenue growth, the net profit attributable to shareholders decreased by 8.8% to RMB 852.3 million for the quarter, though it showed a 7.5% increase from the start of the year. Furthermore, the company’s marine support services saw a significant boost in operating days, while geophysical acquisition activities experienced a notable increase in 3D acquisitions.

COSL’s drilling services remained relatively stable, with a slight decline in semi-submersible rig operations due to weather impacts, whereas jack-up drilling rigs saw a minor increase in utilization. The company’s strategic emphasis on integrating projects and enhancing technology continues to play a pivotal role in maintaining its competitive edge.

Looking forward, China Oilfield Services Limited aims to maintain steady performance by focusing on long-term, high-value projects and leveraging its technological advancements, amidst the dynamic landscape of international oil and gas markets.