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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 Ltd. 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 (601808) Key Developments

China Oilfield Services Ltd. Provides Earnings Guidance for the First Half of 2016; Announces Provisions for Impairment

China Oilfield Services Ltd. provided earnings guidance for the first half of 2016. Due to the impact of the decline in the service price and utilization rate, and the impairment of fixed assets and goodwill, the company's expected net profit attributable to the owners of the company for the first half of 2016 is around RMB 8.4 billion based on the preliminary estimates by the finance department in accordance with the Hong Kong Financial Reporting Standards, among which, the loss from asset impairment is approximately RMB 7.1 billion. The company's net profit attributable to the owners of the company for the same period of last year was RMB 894,748,000. Due to the impact of the market situation, the recoverable amounts of some overseas drilling rigs of the company are lower than the carrying value of these assets, and the company has recognized provision of approximately RMB 3,688,408,000 for fixed asset impairment. Furthermore, the goodwill generated in the acquisition of Awilco Offshore ASA in 2008 was allocated to a group of the drilling services cash-generating units. Based on the impairment test result, the recoverable amount of the group of the drilling services cash-generating units which the goodwill is allocated is lower than its carrying amount. As a result, the Company has recognized provision of approximately RMB 3,455,378,000 for goodwill impairment. The impairment of fixed assets and goodwill is mainly made on the acquired overseas assets.

China Oilfield Services Ltd. Announces Board Appointments

China Oilfield Services Ltd. announced that at the extraordinary general meeting held on July 22, 2016 approved the appointment of Mr. Qi Meisheng and Mr. Dong Weiliang as executive directors and Mr. Xie Weizhi as a non-executive director, with immediate effect.

China Oilfield Services Ltd.(SHSE:601808) dropped from SSE 180 Index

China Oilfield Services Ltd. has been removed from SSE 180 Index.


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