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china oilfield services-a (601808) Details

China Oilfield Services Limited, together with its subsidiaries, provides offshore oilfield services in Mainland China and internationally. The company operates through four segments: Drilling Services, Well Services, Marine Support Services, and Geophysical and Surveying Services. The Drilling Services segment provides drilling, module rigs, land drilling rigs, and drilling rigs management services. As of December 31, 2015, it operated and managed a total of 43 drilling rigs, including 32 jackup drilling rigs and 11 semi-submersible drilling rigs; 2 accommodation rigs; and 5 module rigs. The Well Services segment offers onshore and offshore well services, including logging, drilling and completion fluids, directional drilling, cementing, well completion, workover, simulation, etc. The Marine Support and Transportation Services segment operates offshore utility vessels that provide services for offshore oil and gas fields exploration, development, construction, and production. This segment also offers anchor handling, towing of drilling rigs/engineering barges, oil lifting, offshore transportation of crude oil and cargo, standby, ice-breaking, firefighting, rescue, oil spill assisting, workover support, and other marine support services. It owned 85 utility vessels and 3 oil tankers. The Geophysical and Surveying Services segment provides offshore seismic acquisition, offshore geo-surveying, seismic data processing and interpretation, and underwater engineering services. It owns 6 seismic vessels, 1 undersea cable teams, and 5 integrated marine surveying vessels. China Oilfield Services Limited also sells logging equipment and issues bonds. The company is based in Beijing, China. China Oilfield Services Limited operates as a subsidiary of China National Offshore Oil Corporation.

china oilfield services-a (601808) Top Compensated Officers

Chief Financial Officer, Executive Vice Presi...
Total Annual Compensation: CNY651.0K
Compensation as of Fiscal Year 2015.
china oilfield services-a
China Oilfield Services Limited Provides Financial Guidance for 2017

China Oilfield Services Limited board of directors announced that based on the preliminary review by the finance department of the company, net loss attributable to owners of the company as reported in accordance with HKFRS for the twelve months ended on 31 December 2016 will amount to approximately RMB 11,700,000,000. The company is of the view that such loss is mainly attributable to the following factors: in 2016, international crude oil price fell below $30 per barrel and has maintained in a slump, and the average WTI oil price of the year was only about $43 per barrel. The low oil price has caused international oil companies to substantially cut their capital expenditure in 2015 and 2016, and oilfield services industry has suffered substantial impact. As a result, the company's volumes of work and service prices of 2016 have declined with varying degrees. Meanwhile, the company has made provision for fixed assets, goodwill impairment and bad debt provision for account receivables. In addition, the company was affected by the seasonal factors of the fourth quarter. The aforesaid factors result in the estimate of net loss during this reporting period. Based on the operation conditions and the budgets of 2017, the board of directors announced the estimation on the volume of business and capital expenditure of the company for 2017. It is estimated that the capital expenditure of the company for 2017 will be approximately RMB 2,500 million and will be mainly used in construction projects in process.

China Oilfield Services Ltd. Proposes Amendment to its Articles of Association

China Oilfield Services Ltd. proposed to amend Article 3 of the Articles of Association of the company.

China Oilfield Services Limited Announces Board Changes

The board of directors of China Oilfield Services Limited received the written resignation from Mr. Liu Jian in respect of his posts of chairman and non-executive director. The board appointed Mr. Lv Bo, a non-executive director of the company to replace Mr. Liu Jian as the chairman of the company with effect immediately.


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