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CNOOC Limited announced 2010 unaudited results for the first half of

Date: 2015-07-23
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The first half of 2010, despite the global economic crisis by destabilizing factors in Europe affect the debt recovery process is slow, but thanks to China's sustained economic growth and offshore oil companies to increase capital spending, exploration and development and production offshore China increased remains trend. COSL during the turnover of RMB 8,728.1 million, representing an increase of 11.7% over the same period last year. Operating profit amounted to RMB 2,785.2 million, an increase of 52.8%. Group by actively explore the domestic market, give full play to its advantages, to achieve the profit attributable to shareholders during the period of growth, from a year earlier RMB 1,028.4 million (last year the company asset impairment of RMB 819.9 million), up 111.4 % to RMB 2,174.2 million. Basic earnings per share of RMB 48.37 points (first half 2009: RMB 22.88 points).

Group Vice Chairman and CEO Mr. Liu Jian, said: "the first half of 2010, oilfield services industry is still hovering at the bottom of the global oversupply of drilling platforms have become increasingly prominent, deep water drilling platform utilization remained at 92 % of 96% over last year's decline in use of jack-up drilling platform was 72%, 70%, compared with the beginning of a slight increase, the global decline in rig day rates significantly, the market competition. Nevertheless, China's economy continues to pull the government and oil companies increase capital expenditure in offshore, so the first half of this year, the momentum of the domestic production of offshore exploration and development of a slight increase over last year, but the oilfield service market in China continued to intensify. "

In the drilling business, as of June 30, 2010, the Group operated a fleet of 27 rigs and management (including 23 jack-up rigs, four semi-submersible drilling vessel (including management a)), 2 ship life platform, 4 module rigs and 6 land drilling rigs. Of these, 13 operations in China, the Bohai Sea, two in the East China Sea operations, an operation in the Yellow Sea of China, four in the South China Sea operations, seven in the Persian Gulf, Australia and other overseas operations.

During the period, jack-up rigs operating 3,935 boat days, semi-submersible drilling vessel operating days of 477 vessels, the total vessel operating days of 4,412, 4,011 boat days over the same period increased 401 boat days. Of which: jack-up rigs to increase the number of operating days 464 days to 3,935 boat days of the ship, mainly due to the end of 2009 production of two jack-up rig to start operations this year, increasing operating 322 days; COSL Drilling Europe AS (CDE) Group by the operating rate and an increase of an increase in drilling operations of the ship 314 days; repair of jack-up rigs to increase the number of days makes the job down by 172 days. The semi-submersible drilling vessel operating days of 63 days compared with same period last year mainly due to an increase in the number of days during the repair.
Drilling vessel repair by increasing the number of days of the first half of calendar days the average rigs utilization rate of 94.6%, down 1.7 percentage points. One jack-up was 95.4%, 87.8% semi-submersible.

In addition, the Gulf of Mexico customer operations for the four module rigs operating 717 days during the first half, calendar day utilization rate of 99.0%; Libya's five land rigs and land rigs to bring the domestic operations of a volume of 1,062 days, calendar day utilization rate reached 97.8%.

Service charges, during the drilling vessel, the average day rate was $ 120,000 ╱ days (exchange rates for the June 30, 2010 1:6.7909 U.S. dollar against the RMB exchange rate), compared with $ 135,000 last year ╱ days ( June 30 Page nine dollar exchange rate 1:6.8319) decreased by 11.1%. Of which: jack-up rig, the average day rate for the $ 110,000 ╱ days, compared with $ 126,000 last year / day decreased by 12.7%; semi-submersible drilling vessel, the average day rate was $ 193,000 ╱ days, compared with 18.8 last year million ╱ day increase of 2.7%.

In the oilfield service business, the Group continued to increase research and development efforts to gradually upgrade its technology to improve the competitiveness of plate technology. Group self-developed system for the first time LWD downhole experiment is successful, the realization of orientation parameters, formation natural gamma, resistivity and other electromagnetic parameters of the real-time LWD measurements; logging business operations on the African continent for the first time, the success to provide electronic imaging, such as rotary sidewall coring logging operations; last year studying and preparing for the nitrogen foam stabilizing oil and water control projects for the first time the smooth construction of the South China Sea, and satisfy our customer.

Although the oilfield services market is fierce, but the group continued to open up new markets at home and abroad, mud, cementing, drilling, open hole cable, casing wells, directional and workover projects have increased the amount of business operations. Meanwhile, emerging businesses - EPS (Environmental Protection Engineering Services) also began to show benefits.

In the ship business, as of June 30, 2010, the Group has 78 types of work boats, three tankers, chemical tankers 5. Work boat 78 days a total of 13,395 jobs, representing an increase of 201 days. Group work during the calendar day fleet utilization rate of 95.2%, an increase of 3.2 percentage points. Group active use of external resources, the total volume reached 949,000 tons tankers, compared to 56.1 million tons in the same period last year, 69.2%. The amount of chemicals was shipping 888,000 tons, compared with 40.6 million tons in the same period last year, 118.7%.

In the geophysical business, reduced demand by oil companies and the beginning of the Bohai Sea ice conditions and other factors, the Group geophysical services business operations declined year on year. During the period, two-dimensional acquisition business year on year reduction of 3,723 km of business, a decrease of 17.2%. Since the beginning of Group D Acquisition Business appropriate use of domestic operations in winter time window, and actively explore overseas markets, making the amount of work increased by 508 square kilometers. Data processing business, the impact of reduced demand by oil companies, two-dimensional and three-dimensional processing business deal with a different degree of volume reduction operations. Among them, the two-dimensional work conduct business fell 82.0%, three-dimensional handle business operations by 11.5% year on year reduction.

In addition, the Group actively explore new markets. Collected during the new submarine cable business, the first half of the amount of 185 square kilometers job. First half of the Group is also actively explore the market, engineering survey operations, and achieved a healthy growth.

 Hongkong Offshore Oil Services Limted
Address: No.58 Changliu Road, Pudong Shanghai P.R.China
Phone :86 -58620210
Fax :86 -58620210-8012