China Oilfield Services (2883) Q3 2025 earnings summary

Executive summary

• Revenue for the first three quarters of 2025 reached RMB 34.854 billion, up 3.5% year-over-year, with net profit attributable to shareholders rising 31.3% to RMB 3.209 billion.

• Maintained high-quality, sustainable development and steady operational growth despite global market volatility and declining oil prices.

• Focused on five strategies: technology-driven, cost-oriented, integration, internationalization, and regional development.

• Improved equipment occupancy and high daily-rate projects, especially in the North Sea, drove profit growth.

Financial highlights

• Total profit for the first three quarters was RMB 4,168.6 million, up 14.3% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 1,245.6 million, a 46.1% increase year-over-year.

• Basic and diluted EPS for the first three quarters were RMB 0.67, up 31.4% year-over-year.

• Net cash flows from operating activities dropped 61.2% year-over-year to RMB 1,986.4 million.

• Effective tax rate dropped from nearly 28% in 2024 to just over 20% in 2025, mainly due to improved Norway operations and one-off factors.

Outlook and guidance

• Continued focus on domestic oil and gas resource security, overseas quality management, technological innovation, and risk control.

• Confident in maintaining moderate growth for the full year, with Q4 revenue expected to rise due to faster client settlements, though costs may also increase.

• The company focused on reserve growth and production enhancement, strengthening risk resistance and operational stability amid energy market uncertainties.