Q2 2026 China Oilfield Services Ltd Earnings Call
Speaker #2: Today's event will consist of three parts. First, Mr. Tie Ji, our CFO, will present the company's Q2 2026 interim results. Next, Mr. Liu Jianzhong, chairman and CEO, will deliver a speech.
Speaker #3: 好，尊敬的各位来宾，大家好。欢迎参加中海油服2026年中期业绩发布会。在正式介绍前，请您留意本页关于本次会议的免责声明。今天展示的内容分两部分。首先介绍公司上半年业绩情况，第二部分是公司后续的持续经营的展望。回顾2026年上半年，由于地缘政治冲突、国际布伦特油价呈现大幅震荡态势，国际主要油公司因高油价获得丰富现金流，CAPEX投资聚焦于油气开发主业，截至7月全球海上钻井行业方面，自称是平台使用率表同期略有下滑。半潜式平台和钻井船的使用率与同期相比显著提升。2026年上半年，虽然有中东地缘政治扰动及人民币汇率升值的影响，公司主要业务板块工作量较去年同期仍实现稳健提升，上半年实现营业收入237.8、237.9亿元人民币，规模净利润20.1亿元，同比保持增长态势。其余各项经营业绩指标均不同程度有所提升。从财务的整体表现看，公司的各项指标整体稳健改善，盈利回报保持稳定，公司运营质量不断优化。与业界同业业绩对标方面，公司主要板块经营数据保持小幅增长态势，整体资产负债水平进一步降低至43%。大型装备的利用率居于国际平均水平以上。下面从四个维度介绍公司整体业务。在统筹全球大型资源装备上，强化运营管控、装备利用率保持在90%以上，公司积极推进延产用改一体产科研攻关，搭建18条技术产品体系、6个主题特色技术品牌，构建技术产品产权数字化、4张图谱汤石技术底座。公司围绕海上油气勘探开发，依靠高端装备联合作业AI数字赋能多项关键作业高成功率、高指标、高效率指标实现高水平油田服务质量，同时以国际化视野拓展海外市场，现已布局40亿国家及地区，联动国际知名油企攻坚大额度长周期高价值海外项目。在整体市场份额方面，公司钻完井业和固井业务线市场占比进入全球前三，雾炭和晚景服务则是驱动市场控制力逐步增强，其市场规模和市占率尚有增长空间。分业务板块给大家介绍一下：钻井板块梯内贡献最大利润增量，受挪威和巴西市场业务拉动，板块海外经营利润同比增幅超60%。南海8号斩获巴西国油官方表彰，国内不断优化项目运运维。这个管理保障作业高效落地，技术板块锻造自主可控核心竞争力，国内多项作业刷新行业记录，海外多点实现市场突破，国产装备在多地落地应用，整体技术服务工作量同比提升，各技术业务线加速实现在更多应用场景的突破。船舶板块攻坚高附加值市场，培育效能增长新动能，整体运营天数同比增长超2,300天，签署多方共享用船协议，中标国内高价值项目，服务保障能力不断获得市场认可。雾炭板块梯内经营利润同比超近5,000万，经营效益持续改善，海外项目凭借高效施工和安全管控斩获客户奖项，国内推进海外装备产业产业化列装，组建自有专业作业队伍，高效完成渤海多工区地震采集业务。公司立足科技驱动公司良好发展，勘探领域实现雾炭实验样览敏感元件到承揽工艺的全自主工业产业链，自研海洋地震勘探卫星定位系统，完成海事补齐关键装备短板。依托科技创新引领产业进阶，钻完井领域地质巡回旋转导向钻探系统，斩获国家科学技术进步二等奖，取得国家级科研荣誉。原为取心取样测井仪拿下国际OTC大奖，国内海内外技术落地与重磅行业荣誉双向丰收，充分印证了公司自主研发硬实力，为业务拓展筑牢技术根基。开发开采领域多项自研井下工具完成试验应用，自研防沙压力船实现海上油田成功作业，破解土层开采技术难题。公司依托数据赋能建造契机，搭建两级智慧油服运营中心，实现全球业务实时监控与资源动态调配，充分发挥AI技术与自研专业软件价值，达成业务提效新创效双向突破。在国际化运营方面，深度洞察目标市场差异，海外市场业务规模和服务质量进一步拓展提升，上年海外业务收入利润同比实现双位数增长，海外平台使用率维持高位，高日费项目作业饱满，多项技术服务落地多国新市场。成本管控方面，上半年公司已提升管理效率为突破，营业成本率同比下降，同比降至81.5%，通过精准施策已提升各项资源使用率，推动公司经营效益持续提升。质量安全绿色低碳领域，公司持续推进安全管理水平整体提升，部分船舶加装锂电池混动电力系统，实现燃料消耗降低约10%，推动更多绿色低碳服务路径的探索。 在旅行社会职责方面，公司已构建畅通的员工培训，沟通机制系统构建员工关怀与支持体系，不断提升员工幸福感与企业凝聚力。公司多渠道与资本市场保持高质量互动，不断完善公司治理体系，公司治理透明度和市场认可度显著提升。第二部分和大家分享公司未来一段时间的经营展望。展望行业形势，国际油价持续震荡高位，带动全球上游勘探开发支出增长，未来5年全球上游勘探开发年均投资逐年增加，复合增长率超5%。从区域分布看，拉美、亚太区域的海上勘探开发投资占全球半数投资以上的份额。从油公司资本开支维度，中国海油2026年资本开支维持千亿高位，稳固国内业务工作量，全球油田服务行业警惕上行带动主流油公司勘探开发投入，为行业发展带来广阔的市场机遇。公司整体展望方面，聚焦国内海外市场协同提升，相互促进，持续推进科技创新，聚焦精益管理，持续聚焦全球能源服务需求，打造国际合作生态圈，加快海洋特色世界流能源资源服务公司的建设步伐。 在未来的资源服务保障方面，不断深耕资源服务保障能力建设，多维度优化装备资源结构，统筹推进装备迭代建造，高端装备补位，市场化租赁及数字资源池搭建，持续稳固钻井船舶运营效能，为锻造公司核心竞争力筑牢坚实硬件根基。同时聚力打造区域维保支持中心，搭建全链条标全面赋能海外国内的业务，驱动国公司在全球资源保障水平迭代升级。 在公司中长期规划中，紧扣科技创新产业控制、安全新支撑三大发展主线，聚力技术攻坚，培育海洋新兴产业，加速数字化转型，推进装备国际化迭代，全方位夯实科技自立产业自主、能源保供的核心竞争力，赋能海洋事业高质量发展。在科技创新方面，攻坚海洋油气核心之装备技术，搭建自主可控产业链供应链，积极拓展新兴产业，布局水下机器人等前沿方面方向，前瞻储备未来海洋资源产业，持续拓宽海洋能源高质量发展新赛道，持续探索扩展AI应用加围绕勘探开发生产全链条，搭建数字化作业体系，锚定发展时间轴，推进平台化自动化数字化深度融合，沉淀自有技术能力，全力打造适配全球作业需求的数字化综合竞争优势，全力推进海外市场开拓，分区域落实差异化业务调整。当前公司海外在手合同达27.27.2亿元美元，三年以上合同占比超50%。公司持续挖掘各区域业务增长潜能，以稳定的高价值合约稳固核心市场基本盘，聚焦海外市场提质扩扩新。公司前十大客户合同额占比93.8%，筑牢头部客户合作根基，深度挖掘全球新兴市场合作契机，锚定下半年重点攻坚项目清单，开拓海外业务高质量增长新格局，锚定硕士增提质增效，加速关键核心技术替代，做强自研化学自研化学产品的自产能力，依托产品迭代和赛道拓展，战略性新兴产业收入规模全年预计将达140亿元，全方位释放技术价值，纵深推进公司成本管控及创新创效机制，持续夯实公司财务基本面，筑牢财务抗风险韧性。公司经营现金流将预计持续向好，优化各项成本费用，以稳健的行财务水平护航公司平稳致远。最后公司将持续推动能源资源服务保障、科技创新、价值创造、改革赋能、产业升级等重点任务，加快培养发展海洋能源资源服务新质生产力，在服务海洋事业的高质量发展中实现与客户、员工、伙伴、股东的共赢。再次感谢各位投资者、分析师朋友对公司的长期支持和理解，谢谢大家。
Speaker #1: 谢谢谢总的介绍。下面有请公司董事长兼首席执行官刘建中刘总致辞，有请刘总。
Speaker #2: Thank you, Mr. Tian, for the presentation. Next, please welcome Mr. Liu Tianzhong, the company's Chairman and CEO, to deliver his remarks. Mr. Liu, please.
Speaker #3: 各位投资界、媒体界的朋友们，女士们、先生们，大家早上好。我是中海油服新任的董事长兼首席执行官刘建中。很高兴在这里与大家见面。我谨代表中海油服董事会管理层以及中海油服的全体员工，对各位女士们、先生们莅临出席表示热烈的欢迎，并对大家长期以来已与公司支持表示衷心的感谢。
Speaker #2: Friends from the investment and media community, ladies and gentlemen, good morning. I am Liu Tianzhong, the new Chairman and CEO of China Oilfield Services Limited, and I am delighted to be here with you today.
Speaker #2: On behalf of the board of directors, management, and all employees of COSL, I would like to extend a warm welcome to all of you for joining us today.
Speaker #2: I would also like to express my sincere gratitude for the continued care and support you have shown our company over the years.
Speaker #3: 刚才我的同事向大家报告了公司上半年经营和财务状况。在此基础上，我想再补充一点意见。一是关于经营业绩，2026年以来全球地缘冲突持续发酵，国际油价宽幅震荡，市场环境错综复杂。内外部多重风险挑战交织，公司生产经营保持了稳健优质可持续的增长。上半年公司营业收入为人民币237.9亿元，净利润为人民币21.3亿元，都实现了同步的增长。我们聚焦油气勘探开发的核心需求，特别是海洋深水深层这一勘探开发的趋势性，不断增强系统化高效化绿色化资源供给和服务保障。我们新增了两座算力平台和15艘船舶，投入到了国内五海的作业，叠加装备运营运维经济化管理，设备月均NPT同比下降17.9%，NPT就是非生产作业时间，这是体现我们效率提升的很重要的一个指标。国内钻井平台平均修理时间降低至3.4小时，释放可作业的船天296天，海经海脉联合作业模式推动了地震采集效率提升40%。我们的海航刷新了中国海油在6,500米以上呃深井的钻井周期最短的记录，其中在渤海海域的博中349油田修井一体化项目，我们提升效率40.5%，加速实现了从油公司增储上产的参与者向功能价值创造的的有效转变。
Speaker #2: A moment ago, my colleague reported to everyone on the company's operating and financial performance for the first half of the year. Building on that, I would like to add a few points.
Speaker #2: First, regarding our operating performance, since the beginning of 2026, global geopolitical tensions have continued to escalate, international oil prices have fluctuated widely, the market environment has been complex and volatile, and multiple internal and external risks and challenges have intertwined.
Speaker #2: Despite these challenges, the company has maintained steady, high-quality, and sustainable growth in its production and operations. In the first half of the year, the company's operating revenue reached RMB 23.79 billion, and net profit reached RMB 2.13 billion, both representing year-on-year increases.
Speaker #2: We have focused on oil and gas exploration and development, especially marine and deepwater deep layer trends. Continuously enhancing systematic, efficient, and green resource supply and service support, we deployed two new drilling rigs and 15 vessels to operate across the five seas and China.
Speaker #2: Combined with refined management of equipment operation and maintenance, the average monthly NPT (non-production time) decreased by 17.9% year-on-year. NPT is a reflection of our efficiency improvement.
Speaker #2: And the average monthly repair time for domestic drilling rigs dropped to 3.4 hours, freeing up 296 operational vessel days. The hygiene and high-mine joint operation model boosted seismic data acquisition efficiency by nearly 40%.
Speaker #2: The Hydro Cam set a new group record for the shortest drilling cycle at a well depth exceeding 6,500 meters. And the Bojong 34-9 integrated workover project achieved a 40.5% efficiency gain, accelerating our transformation from a participant in oil company reserve growth and production increase to a creator of functional value.
Speaker #3: 二是我们关于市场的拓展，我们全力攻坚大额度长周期高价值的限项目，海外市场实现了持续的突破，多个优质项目合同实现落地，其中我们对于新的国家新的客户新的业务合同额同比大幅提升。存量合同顺利执行，挪威四座半潜式平台饱满的运行，收费率好于预期，同时上半年国内系统外的收入稳步增长，一体化业务收入增长显著，市场的潜力持续持续的释放。
Speaker #2: Second, regarding market expansion, we have made every effort to secure large-scale, long-cycle, high-value projects, achieving sustained breakthroughs in overseas markets and securing contracts for multiple high-quality projects.
Speaker #2: Notably, contract values for new countries, new clients, and new business lines saw a significant year-on-year increase. Existing contracts were executed smoothly, with four semi-submersible platforms in Norway operating at full capacity, and fee rates exceeding expectations.
Speaker #2: At the same time, revenue from outside the domestic system grew steadily in the first half of the year, and revenue from integrated businesses saw significant growth as market potential continued to be released.
Speaker #3: 第三方面是关于科技创新，呃大家我也介绍一下我们的哎上杰先生，他之前是公司的总工程师，在在半年的时候啊，半年呃董事会上提任为公司的总裁，这也表这也体现了公司对科技的重视。
Speaker #2: So, my third point is about technological innovation. Right next to me is Mr. Shangjie. He used to be our chief engineer, and during the half-yearly meeting, he was promoted to president of the company.
Speaker #3: 所以我们深知科技创新是公司高质量发展的核心功能，不断加快技术攻关。我们上半年的科技研发捷报频传，除了刚才电机先生的材料里边讲到的以外，公司自研的CCUS地震采集技术，我们实现了首次二氧化碳封存效果的精准检测。我们的海虹海恒堵路技术相关体系取得了重大的研发突破，重工破解了恶性井漏治理的行业级的难题，玄月系统攻克了井下取心取样一体化的原创技术，荣获了OTC的OTC新技术大奖，数字转型有序推进，特定智能软件声波处理时效提升翻倍以上，智能固定质量评价的准确率超过了90%。地震处理平台融入AI技术后，数据的筛查效率提升了21倍，自研地质工程一体化平台正式上线，有力支撑了工程技术服务优质快速的提升。
Speaker #2: We are well aware that technological innovation is the core driving force behind the company’s high-quality development. We have continuously accelerated our efforts to tackle key technological challenges, and the first half of the year saw a string of successes in scientific research and development.
Speaker #2: Apart from what Mr. Tier said in his presentation, our company's self-developed CCUS seismic acquisition technology achieved the first-ever precise detection of carbon dioxide sequestration effects in China.
Speaker #2: The hydro-cam wellbore leakage control technology system made a significant R&D breakthrough, successfully resolving the industry-wide challenge of managing severe wellbore leaks.
Speaker #2: The East Coast system pioneered an original integrated downhole core sampling and logging technology, winning the OTC Asia New Technology Award. Our digital and intelligent transformation is progressing in an orderly manner, with the processing speeds of acoustic data in our intelligent logging software increasing by more than threefold.
Speaker #2: The accuracy rates of intelligent cementing quality evaluation exceed 90%. After integrating AI technology into our seismic processing platform, data screening efficiency has increased twenty-one fold.
Speaker #2: Our self-developed integrated geology engineering platform has officially gone live, providing strong support for the rapid improvement in the quality and efficiency of our engineering and technical services.
Speaker #3: 四是关于未来的发展，我们将重点抓好五个方面的工作。一是进一步做强中做优我们的核心业务，增强核心竞争力，强化与客户的战略协同，布大局安大任算大仗，以稳定高效能力过硬的专业技术服务，巩固我们市场开拓的市场稳定的基本盘。二是聚焦深耕科技创新，主动融入国家创新体系，优化创新生态，加快重点技术攻关，加速数字转型升级，持续塑造核心竞争的优势。三是统筹推进拓市降本，提升精益管理的指效，把追求价值增长摆在更加突出的位置。对外积极拓市扩销，对内狠抓降本提质增效，构筑坚实的市场竞争能力的护城河。四是防范化解重大风险，筑牢安全发展根基，持续健全全域风险防控的体系，闭环排查治理各类隐患，坚决不发生重大风险。五是持续重视股东价值创造，统筹兼顾长期发展投入与股东回报，不断提升经营指效，强化现金流管理，以稳定可持续的股东回报凝聚市场的信心，做好市值管理。
Speaker #2: Fourth, regarding future development, we'll focus on five key areas of work. First, we must strengthen and optimize our core business to enhance competitiveness. We'll reinforce strategic synergy with our clients, keep the big picture in mind, shoulder major responsibilities, and take a long-term perspective. Using stable, efficient, and highly competent professional technical services, we aim to solidify the foundation for increasing reserves and boosting production.
Speaker #2: Second, we must concentrate our efforts on deepening scientific and technological innovation, proactively integrate into the national innovation system, optimize the innovation ecosystem, accelerate breakthroughs in key technologies, speed up digital and intelligent transformation and upgrading, and continuously build core competitive advantages.
Speaker #2: Third, we must coordinate efforts to expand markets and reduce costs while enhancing the quality and efficiency of lean management. We will place greater emphasis on pursuing value growth, actively expand markets and sales externally, and rigorously focus on cost reduction, quality improvement, and efficiency enhancement internally.
Speaker #2: Thereby building a solid moat of market competitiveness. Fourth, we must prevent and mitigate major risks to solidify the foundation for safe development. We will continue to improve the comprehensive risk prevention and control system, conduct closed-loop inspections and rectifications of all potential hazards, and resolutely prevent the occurrence of major risks.
Speaker #2: Fifth, we must continue to prioritize the creation of shareholder value, balancing long-term development investments with shareholder returns. We will continuously improve the quality and efficiency of operations, strengthen cash flow management, and build market confidence through stable and sustainable shareholder returns, while effectively managing market capitalization.
Speaker #3: 女士们先生们朋友们，站在全年目标空间推进的关键节点上，公司全体员工将锚定建设世界一流能源资源服务公司，进一步凝聚奋进的共识，努力以更加优良的业绩回报广大股东和投资者，诚挚期盼着各位持续关心关注中海油服务，与我们携手共赴高质量发展的新征程。谢谢大家。
Speaker #2: Ladies and gentlemen, friends, as we stand at this critical juncture in our efforts to achieve our annual goals, all employees of the company will remain focused on building a world-class energy and resources service company.
Speaker #2: Further uniting in our shared commitment to progress and striving to reward our shareholders and investors with even better performance, we sincerely hope that you will continue to support and follow COSL, and join us as we embark on a new journey toward high-quality development.
Speaker #2: Thank you.
Speaker #3: Thank you.
Speaker #2: 谢谢刘总，现在我们进入问答环节。为了让更多投资者朋友有提问机会，请每位提问不超过两个问题。提问之前请先介绍您的所在机构和姓名。问题和回答请交传人员自行中英传译。请注意讲述时留给翻译时间。谢谢。
Speaker #4: Thank you, Mr. Liu. We will now move on to the Q&A session. To give as many investors as possible the opportunity to ask questions, please limit your questions to no more than two each time.
Speaker #4: Before asking a question, please state your name and the name of your organization. Please allow the interpreter time to translate your questions and answers into Chinese or English.
Speaker #4: Thank you.
Speaker #3: 我们把第一个问题给这位女士，女士先生。
Speaker #4: 好，感谢管理层。我是来自中金公司的严贝娜。啊，那我们今年看到啊，公司的这个经营利润其实还是有非常不错的这个增长啊，然后呢，我们也非常高兴看到新的管理层第一次出现在这个投资者的面前啊，感觉各位领导都是啊，这个技术专家，然后也能够感觉到这个公司的这个啊，容貌开始出现精英笑容的这个状态。那我我有讲过关注点啊，第一个呢，就是啊，我们的深水啊，钻井这块，因为看到二季度、三季度的这个利用率已经达到了将近100%，也就是说我们所有的这个半潜钻井船基本上都在外面工作啊，然后呢，我们的这个啊，费率方面啊，如果刨掉一些汇率因素，可能基本上还是持平的。那我们想请问一下，就是未来的整个费率的展望啊，整个市场，包括我们自己的这个船，还有没有上行的空间，以及我们在这么高的利用率的情况下，呃，未来的这个经营策略如何，是不是会把国内的一些船啊，然后挪到更高利润的海外的市场，以及在市场上出更多的这个float啊，这是关于这个深水钻井的问题。第二个呢，就是大家也很关心的就是汇兑。那么上半年的汇兑呢，是由5个亿左右的一个啊，就是小小的损失，下半年啊，我们怎么展望。
Speaker #2: Thank you very much for the opportunity. I can see that your operating profit growth has been quite good, and today we're very happy to be able to meet the new management for the first time. You are all technological and technical experts, and we're happy to see all the robust signs in your company's development.
Speaker #2: So, my first question is about deepwater drilling. In the second quarter, your profit margin was at almost 100%. All the semi-submersible rigs have been put to work, and in terms of the expense ratio, it has been flat.
Speaker #2: So I would, first of all, like to know: what is the future, coming expense ratio for the whole market, as well as for your company?
Speaker #2: Besides, given the very high profit margin that you have already achieved, in terms of your operating strategy, are you going to transfer your domestic vessels from China to overseas, where there is higher potential for better profit or profitability?
Speaker #2: And also, in terms of the use of floaters, what will be your plan? And then, my second question is in relation to the exchange rate.
Speaker #2: So, in the first half of the year, you had an exchange loss of around $500 million. What are your plans and strategies in this regard for the next half year?
Speaker #2: Thank you.
Speaker #3: 谢谢您的这个问题，两个问题啊，非提得非常好。我想第一个问题呢，请上级总裁回答，第二个问题呢，呃，谢谢总，CFO来回答这个问题。好，谢谢刘总。呃，谢谢刚才提问。深水钻井大概是这样的一个问题吧，就是首先费率还是会体现这个市场需求供需关系。呃，从目前的趋势来看呢，嗯，大家可以关注一下之前五年就是整个全球新的油气勘探发现，基本上大的都是在深水领域。所以整个未来的全球的需求的对深水钻井平台，包括整个体系能力的需求，呃，展望肯定是增加的。然后这样的话会有这种，当然有供需关系的影响。呃，所以我们从油浮的角度也是在之前持续在储备相关的作业能力，作业装备资源和这种整个技术体系。呃，目前呢，就是这个应该是得到了比较好的这样的作业量的保障，或者工作量非常饱满。呃，至于这个刚才说利率呢，这个一会谢总可以讲，可能呃，我们比较确定的是整个需求和作业量在今年的表现和未来一段时期都是会有这样比较呃，大的需求，而且就是作为珠海油浮来说，是全球市场上为数不多的对于深水的不仅仅是钻井，包括它的整个的呃，测量，也就是勘勘探技术服务，包括泥浆，刚才刘总那个发言里提到的整个为深水这样准备的呃，钻井液体系，特定工具，定向井工具，然后包括之前的误探勘探以及钻井平台，整个这套体系现在是比较完备的。呃，我们对未来这个趋势需求量的趋势还是很有信心，对工作量很有信心。好，谢谢。
Speaker #2: Let me first answer your question about deep-water drilling. You asked a question about the expenses ratio. Well, of course, in this regard, we have to look at market needs because the expenses ratio will be subject to market needs and also to demand and supply in the market.
Speaker #2: In the previous five years, globally speaking, when there was new oil and gas exploration discovery, it's mainly in the deep-water area. And so, actually, we can see that the demand in this regard will definitely grow.
Speaker #2: And at the same time, this is also, as I mentioned just now, subject to demand and supply overall in the market. So, for this purpose, we have already done our work and put in efforts in preparing adequate equipment, our capabilities, technology reserve, and also resources in order to face up to such demand increase in the market.
Speaker #2: So, in terms of the volume of operation and also workload, we can see that we have almost seen very full workloads and also operation volume, because of the increased demand in the market.
Speaker #2: For the full year, we believe that there will still be big demand in terms of not only deep water drilling, but other adjacent or related segments. For example: logging, testing, exploration, technical service, geophysical exploration. And then the whole system, as a whole chain, will see bigger demand from the market in this regard.
Speaker #2: So we are well prepared, and we are very confident in the increase in demand in this area in this year.
Speaker #3: 好，我来继续补充第一个问题啊。我觉得总体来说呢，今年上半年呃，日费尤其是二季度比一季度表现的相对较好，嗯，主要呢，第一个概念呢，就是整体公司的日费的体系是没有发生明显变化啊，这里边的变化呢，嗯，数据上的变化，一方面刚才你提到是汇率的影响啊，但是毫无疑问，更主要的一方面也是得益于公司呃，作业质量获得甲方这种表扬啊，对我们的这种呃，按照计价的这个体系啊，有一个奖励吧，啊，就算是另外一个呢，确实今年上半年公司的半潜，特别是国内半潜平台这种日费相对较高的这个装备使用率啊，较去年同期有了一个很大幅度的改善。补充完毕。
Speaker #2: Now, let me supplement my answer to your first question. In relation to daily rates in the first half of the year, actually, in Q2 the rates are even higher than in Q1.
Speaker #2: And, first of all, there has not been a major change to our daily rate system. And, our operating quality has been given high recognition and commendation by the client.
Speaker #2: In terms of our pricing and also our rate system, for the semi-submersibles in China, the daily rates are higher for this kind of risk.
Speaker #2: And, actually, in terms of our utilization rate, it has also remained at a very high level.
Speaker #3: So第二个问题想要回答一下啊，汇率损失呢，一季度的时候，嗯，有所体现啊，这块呢，人民币的升值对公司的经营业绩的呃，呃，是有一定的负向的影响啊，公司呢，嗯，首先一个呢，这部分影响的是属于这种母公司和公司海外机构这种往来款折算，这种会计上的这种数据啊，它并不代表着公司的海外经营出现这种不可逆或者系统的或者重大的这种风险，就翻译。
Speaker #2: So now let me turn to your question about exchange loss. In the first quarter, indeed, there was some exchange loss, and due to the appreciation of RMB, that had a negative impact. While the company’s operating results were good, this is mainly because, between the parent company and overseas organizations, there are some incoming and outgoing accounting entries or arrangements.
Speaker #2: So this doesn't mean that there has been major risk to our overseas operations.
Speaker #3: 呃，接下来呢，可能一方面呃，还是要吃通过持续的这种经营啊，加快我们这种还款的这种速度，另外一方面呢，呃，也有可能有些地方就是要确认加大我们的这种投资啊，这个把这个这种转成股权投资啊，这种呃策略。再有一个呢，就是可能会有一些加大一些呃，海外人民币资产的配置啊等等等吧，我们都在综合施策。嗯，这是我想说的第二点。第三点呢，呃，相对简单的一起说了，这个第三点呢，其实我们也是在从我们不断压降融资规模，减少利息支出这个角度去减少对我们汇兑损失的影响。某种意义上来讲，我们汇兑损失里面有一部分也是因为置换了人民币啊，所以这个人民币的利率我们这次上半年大家也可以看到，我们大概减了将近9,000万啊，所以呢，这个是有利有弊啊，所以呢，这个后续我们持续关注呃，国际人民币汇率对公司的影响啊，尽快采取更有利的措施。谢谢。
Speaker #2: Then I would like to talk about our ways to tackle the exchange loss issue. So first of all, in terms of our operation, we should expedite the recovery of cash and also debt repayment.
Speaker #2: And, at the same time, we need to make sure to increase investment, especially investment more into equity investment. Secondly, we should also expand our RMB asset allocation overseas.
Speaker #2: And then the next point I would like to make is that we need to also reduce the scale of overall debt and liability so as to decrease interest expenses.
Speaker #2: As part of the exchange loss, actually part of the reason is because of replacement by RMB, and in the first half of the year, there is a reduction from this of 90 million.
Speaker #2: So, in fact, there are both pros and cons to this particular move or measure. However, in the coming period, we will take all necessary measures and adopt strategies to make sure that we are in a more favorable position in terms of exchange rate.
Speaker #2: Thank you.
Speaker #3: 这两个问题，第一个，第一次提问这两个问题其实很有价值，也很重要。公司内部呢，也已经安排了专题做专题的研究。谢谢你的这个两个问题啊。
Speaker #2: So, the first two questions asked are of very great value, as well as very important. So, internally, we have already started some focused research and examination on that.
Speaker #2: Thank you very much for your two questions.
Speaker #3: 下面继续提问。后面那后面那位。
Speaker #4: 感谢啊，啊，提问的机会。我是Jeffrey的分析师，啊，罗凯业。然后我想请问一下尤其是这个第二上半年的这个利润其实受到这个啊，我们三井业务的支持和这个北海方面的这个利啊，高收入的一个情况啊，去支持了，尤其是我们知道挪国有可能他们的这个今年度的指引可能3%到2030年啊，两啊，2.3百万桶油其实还是相对的稳定的。想请问一下管理层这个目前的这个三井的这个竞争格局是怎么样的？这个啊，bidding的竞争格局，还有我们未来可能12到24个月的这个收入情况啊，三井业务的收入情况是怎么看？然后我可能第二个问题是我们目前在于这个midday这个中东的这个ex啊，那个占比的收入占比或者利润占比大概情况是怎么样的？然后啊，可能当地的情况或者可能我们的沙乌地阿美他们是怎么看的和可能是目前开工率可能会怎么去看这个当地的情况。谢谢。
Speaker #2: My first question is in relation to the drilling segment. In the first half of the year, you are in a profit position, and this is mainly because of support from the drilling segment, with high revenue in Beihai.
Speaker #2: And then, this year, there was also guidance at 3%. And this will remain stable up until 2030. So I would like to know, what will the competitive landscape be like for the drilling business?
Speaker #2: And then, the next question: For the coming 12 to 24 months, what will your revenue be in the drilling segment? The second question is regarding the Middle East.
Speaker #2: So, in terms of revenue and profit, how much is the share of the Middle East in your total revenue and profit? And then, over there in the Middle East, what about Saudi Arabia? How do you see that, and also, what will the situation be like in the coming period in terms of your operations there?
Speaker #2: Thank you.
Speaker #3: 谢谢您的这两个问题哈。我还是一样，像上次第一个问题挺上级总裁回答，第二个问题谢谢总裁回答啊。呃，谢谢您的提问。您对那个ECNOR就是挪国油的情况还很了解。呃，挪国油呢，是COSO或者中海油服的一个非常关键和重要以及核心的客户。呃，它的整个在上油气开发的这个投入是保持非常高的稳定，稳定性。呃，包括呃，中海油服在挪威地区的呃，一座半潜式钻井平台都获得了长期的很好的这样的呃，除了ECNOR以外，还有这个呃，Bari，还有它其他的这样的区域的这样油气的客户。然后所以几座平台的无论是日费还是作业稳定性都得到了比较有效的这样的保障。呃，此外呢，想提一个就是呃，油服在挪威地区的钻井这个作业，包括平台的运行，呃，获得了这个挪国油呃，非常高度的评价啊，并不仅仅是因为比方说从费费率的竞争上，而是在于我们对于平台的这个之前的进行的这种数字化和预测化的改造，包括碳排放，其实赢得了非常高的这样的额外的收益。也就是说，呃，不光是挪威政府给予了非常高的这样的呃，就是奖励，从呃，挪国油也是因为我们的平台作业效率更高，燃油更燃油更低，碳排放更少，所以获得了非常高的这样的绿色的评分。所以在整个挪威地区的我们的作业和这个收益的预期还是保持非常高的这样的期待。
Speaker #2: So, your question is mainly about ECNOR. When it comes to this particular company, ECNOR is a very important core customer of COSL. And then, when it comes to our oil and gas operations and development, ECNOR's investment and input into oil and gas exploration and development has been very stable.
Speaker #2: In Norway, we have a number of semi-submersible platforms operating, not only for ECNOR but also for a few other long-term customers. So, in other words, our daily rates as well as our operations for these platforms in Norway have been very stable.
Speaker #2: Thanks to ECNOR, as well as all the other long-term oil and gas customers. In Norway, in terms of our operation of platforms and rigs, it is highly regarded and commended by ECNOR.
Speaker #2: Not only because of our daily rates, but also because of what we have done in digital transformation, green development, and carbon emission reduction. So, we have put in efforts in achieving some good progress in these areas, and as a result, we have obtained rewards from the Norway government. Besides, because of the achievements in the above areas, ECNOR has also been rated quite highly in terms of the green score.
Speaker #2: So, all in all, our expectation and trend in relation to the business in Norway, and also with regards to ECNOR, is very positive.
Speaker #3: 好，我来回答第二个问题。呃，中东一直是中海油服海外布局的一个主要区域之一。呃，它的收入的占比，啊，也大概是再百分之不到30左右，啊，这个应该说，呃，因为这个挪威和巴西今年收入的同比增长，所以它的占比呢，其实略有下降，啊，当然也有最主要的就是去年上半年沙特阿美又停了两条还是三条船，是吧，我相信大家也都知道这个信息。呃，所以呢，就是一些综合因素的导致呢，就是占比依旧不小，啊，但是略有下降。但是整个经营同比看呢，跟去年大体相当，啊，如果提标这个装备的这种跨区域的调拨，啊，这个受战争呢，略有影响，但是整体可控。请翻译。
Speaker #2: So, let me comment on the Middle East. The Middle East has been one of our key regions in COSL's overseas development strategy. In terms of its share of revenue, it has not reached 30% yet.
Speaker #2: And in fact, because the revenue has increased year on year for Norway and Brazil, that has also led to a decline in the share of Middle East revenue as a percentage of our total revenue.
Speaker #2: In Saudi Arabia, as you know, two vessels had been suspended. But then, on a year-on-year basis, in terms of operation, it had maintained a considerable amount.
Speaker #2: Even though the share is still a small one, there has also been some impact from the war. However, we believe that the situation is still within a controllable range in terms of impact.
Speaker #2: yeah, thank you.
Speaker #3: 这个后续呢，呃，因为目前整个中东的局势，啊，还不明朗，呃，公司这边呢，会继续加强与甲方的关于这个作业方面的沟通，呃，等待甲方的进一步的明确的指示。呃。此外呢，还依然会坚定不移的把我们的技术板块加大向中东的这种，呃，市场的这种，呃，获取，回答完毕。
Speaker #2: So, the situation in the Middle East is still uncertain. We will enhance our communication with the client and related parties, and we will wait for clear instructions from them.
Speaker #2: And at the same time, we will also expand our technology segment and also expand our overall share in the Middle East region.
Speaker #3: 好，谢谢这位先生的提问。下面请我们继续提问。
Speaker #4: 呃，各位发言人好，啊，我是那个天象资本的彭俊斌，也是咱们公司也算老股东了。呃，经常也来这边听，呃，以前管理跟那个，那个给我们给我们给我们讲这个业绩情况。呃，呃，很高兴见到新一届管理层，啊，就是，呃，我，我有两个问题。第一个是呢，就是说我看这个昨天的这个中报里边，董事长的致辞里面有，有说前瞻布局，咱们这个海洋资源，还有发展未来产业，啊，包括今天我看这个上面写的公司的整体未来要建设成海洋特色世界一流的能源资源服务公司。呃，我看看董事长能不能介绍一下就是这个未来的这个前瞻布局海洋资源，还有这个未来产业能不能再详细的介绍一下，啊。第二个就是我看12页里边有一个这个技术服务的钻井的这个井次，啊，就是说虽然没有写数字，但是我看那个图，那个现状图，那个图呢，看来还是增量还是有一些的，但是我们的那个收入营收的增速其实比较慢，啊，所以能不能请看看哪位领导帮我们介绍一下这个价格方面或者是有没有什么变化，啊，谢谢。
Speaker #2: So yesterday, during interim results announcements, in your chairman's speech, you mentioned that you are now developing marine resources as well as future industries, and you would like to develop the company into a globally top-rate energy resources service company.
Speaker #2: And can you elaborate more in terms of your development of marine resources and related industries as well? And secondly, if I may refer you to your slide number 12.
Speaker #2: So, on that, we can see that actually the revenue growth in the technology service and drilling had been quite low. So, can you comment more in terms of your rates of pricing and also any changes in the overall landscape?
Speaker #2: Thank you.
Speaker #3: 好，谢谢您的问题，啊，第一个问题我来回答。第二个问题呢，谢谢董事长回答，好吧。呃，关于我们那个中海油服发展成为希望发展成为，呃，世界一流的能源资源服务公司，以下几个因素，啊，第一就是，在国内，也就是中国海洋实验，呃，海洋实集团有限公司，我们的母公司已经明确提出要建设成为世界一流的能源资源集团公司。那么在这个过程中，那个中海油服作为被控股的企业，按这个方向走这企业，那么其二呢，大家知道海洋的资源极为丰富，不仅仅蕴含着石油和天然气，还有巨大的矿产，而矿产中的稀有的或者是我们非常有价值的矿产，是可以随着我们的钻井的勘探，我们下一步的发现来实现进一步的挖掘。我们有这方面独有的技术优势和装备优势，并且呢，公司现在也在向这个方向做了一些技术的储备和下一步技术的攻关布局。我们希望随着在油气资源的勘探开发过程中贡献价值以外，也希望在海洋其他矿产的，呃，呃，发现和下一步的开发过程中贡献出自己的价值。
Speaker #4: 谢谢发言人。
Speaker #2: So, let me comment on this question about the overall vision and strategy. First of all, our parent company, Sea Nuke, has already said that their vision is to develop the company into a globally top-class energy and resource service company.
Speaker #2: So as a subsidiary, of course, we would also follow this direction in our development. Secondly, for marine resources, in fact, there are very rich marine resources—not only including oil and natural gas, but there are also some minerals.
Speaker #2: And some minerals are even rare minerals. So, in our process of drilling, exploration, and discovery work, we will be able to dig deeper in order to identify and discover more minerals and mines.
Speaker #2: So, for our company, we already have our advantages and strengths in equipment and technology. So we can capitalize on our equipment and technological strengths to do further, so that not only in terms of oil and gas discovery can we make contributions, we can also contribute value by means of exploring and discovering minerals from the marine resources.
Speaker #2: so as to contribute greater value to the overall industry.
Speaker #3: 好，谢谢。好，我来回答第二个问题。这个简要回答，我觉得，呃，你观察得很仔细，这个确实某种意义来讲，这个工作量，呃，还是小幅上涨。这个，呃，呃，这个同时呢，今年还是继续加大这个，呃，我们之前都说过体系化收费的这个推广，啊，这种呢，对于甲方的综合的成本的管控，呃，更为有利。啊，当然，这个体系化推广的在收入上，啊，可能会体现出一定的减少，但是我想说的是，呃，第一，这个模式是，呃，未来的，一种趋势，啊，第二一个呢，呃，你们也能从报告中看到，呃，整个技术板块，啊，并没有因为收费模式的变化而影响我们的，呃，整体的盈利能力，啊，我们还，我们还是会通过，呃，这个持续的成本的管控，比如说刚才提到的加大自产自研，是吧，另外一个呢，通过持续加大自有装备的使用来压降我们的分包成本等一系列措施，啊，然后确保，啊，公司的相关业务领域的经营，啊，是处于一个正常稳定的状态，就翻译回答完毕。
Speaker #2: So your observation has been very detailed. So first of all, in terms of workload or work volume, there has been a small increase.
Speaker #2: And this year, we have also enhanced our system-based fee structure, or rate structure. So this is beneficial to our clients and related parties because of better cost management on their end.
Speaker #2: To us, this arrangement will mean a decrease in revenue. However, this fee model or rate model is the future trend. And secondly, in terms of our technology segment, we have not seen any impact from this change in our fee model.
Speaker #2: And we will continue to enhance our cost control by means of more self-production and self-research capabilities. At the same time, we'll make more use of our self-owned equipment so as to decrease the cost of outsourcing.
Speaker #2: And all in all, our operations will definitely remain normal and steady by our strategies and measures.
Speaker #3: 好，谢谢您的问题。请各位。
Speaker #2: 好，由于时间关系，现在接受最后一条提问。请各位举手提问。谢谢。
Speaker #3: Excuse me, 是吧。
Speaker #2: 好，请这位女士提问。
Speaker #4: 呃，呃，谢谢各位管理层。呃，非常高兴见到这个刘总、尚总，啊，那个，我是千象资本的芳芳，然后我们为了多问一个问题，所以多来了一个人。哈哈，谢谢。那个，呃，其实我看到就是公司过去几年在这个邮寄服务，尤其技术这一段的一个投入非常坚定，然后呃，我们也看到就是公司在海外业务的占比，然后这个技术服务这个业务板块的占比其实持续提升，这个业务结构是在不断改善的。那其实我们想，呃，了解一下，就是说往前看，就是我们海外的这个邮寄服务，呃，这个话，这块的业务，它的盈利能力如何提升。因为我觉得经过几年的这个投入，我们其实已应该是到了一个收获期，哈，就是它的长期的业务空间，然后它的盈利能力，啊，各位管理层怎么看？然后呢，呃，这里面还有就是说外包比例这一块，我们其实，呃，在过去几年，呃，如果说我们的技术服务能力在持续提升的话，这个外包服务的比例是不是有持续下降的空间？啊，这个是关于邮寄服务这块业务的，呃，然后第二个呢，就是我也是，呃，刚才听到刘总说，就是，呃，要提高股东回报，然后这个，这个市值管理这一块，我们听到也非常开心。呃，想，呃，想请教一下刘总后面对这个市值管理啊，然后包括对公司的这个股东回报这一块具体是有什么样的措施。谢谢。
Speaker #2: Um, today I'm very happy to be able to meet Chairman Liu and Mr. Shang. In the past few years, you have increased your investment in oil and gas services and business.
Speaker #2: So your investment has been very firm. And besides, for your overseas business, as well as your technology segments, they have also increased. So, I want to know, in terms of the improvement in business structure, how are you going to enhance your profitability from the oil and gas business overseas?
Speaker #2: Because after such a long period of investment, you should have reached a harvest stage already for your overseas oil and gas business.
Speaker #2: So, how are you going to enhance profitability? Besides, just now you also mentioned your efforts to decrease the amount of outsourcing. So, now that your technology services have increased and improved, do you think you are able to reduce the share of your outsourcing?
Speaker #2: The next question is about shareholder return and market cap management, which the Chairman just mentioned in his remarks. I'm happy to learn about that.
Speaker #2: I want to know what specific measures and ways you are going to adopt in these two areas. Thank you.
Speaker #3: 感谢您的长期对公司发展的关注，非常了解公司的经营情况，啊，非常感谢。呃，第一个问题我先回答一下吧，尝试着回答。我来的公司时间不长，啊，我借着机会也跟大家做一些交流。就是我们中海油服现在技术板块的发展确实这几年有长足的发展，得益于前些年的不断的投资，不断的投入和沉淀。技术技术呢，有很深的一些积淀，所以我们技术板块现在的利润占比，那个和回报呢，差不多50%、53%、54%的样子，啊，有的时候更高一些。那么现在我们看，就是全球，呃，勘探开发就探景开发景的，呃，钻探来看，中国海域占了全球海域钻钻井量的差不多三成。也就是说中国海域是我们的基本盘。有了基本盘的稳定的保障，还在持续的增长，就是稳定和稳健的增长。我们油服都有了进一步向海外拓展的足够的这个腾挪空间。那么在这个基础上，加上我们前面技术的积淀，那么实物我们是开始到了我们国际上开始，呃，进一步提高我们的那个回报的时候了。也就是说海外市场的占比可能会有比较好的，未来预期可能比较好的一个增长。再有呢，当然在这个过程中，无论是我们海外的能力的提升和以前的积淀之外，我们对于外包或者我们叫区委区贷集团也做了一些安排，会有持续的下降。这些呢，都是会在公司下一步的质量提升方面有进一步的安排。对于，呃，无论是股东回报和市值啊，我一会儿请谢总介绍一下。我想把我的观点先给大家，呃，那个交流一下是什么呢？就是我们是希望带给股东持续的长久的可持续的一个股东回报。所以在公司赢得足够的发展空间的时候，我们希望进一步投入到我们的技术和投入到我们的装备建设过程。我们现在装备其实是是属于是不够的，是仅平衡，非常是这个仅平衡的。无论是在国内还是国际市场，技术板块方面呢，我们有些技术已经是并跑和领先在这个行当里边已经领先了，但是仍然需要我们不断的加强我们的投入。所以我们希望我们公司的进一步的发展平衡好，从公司可持续的平稳致远的角度，不断的提升公司的发展质量来回馈我们的股东。我就，我主要回答这么多，后段呢，请谢总回答，先请翻译一下。好。
Speaker #2: Thank you very much for your long-term interest and attention on our company. In fact, I have been with the company for not a long period of time.
Speaker #2: So, I would only share some of our opinions and thoughts. In terms of our technology segment, because of the past year's investment and also input and accumulation, we have seen very steady and positive development.
Speaker #2: In terms of its share of profits, it has been around 53 to 54 percent already, sometimes even higher. In terms of global exploration and development drilling, well, the China marine body accounts for 30 percent of the global total.
Speaker #2: So, it is a very important part of it. And our fundamental business in this area is also rising. So, with these strengths, we can capitalize on our capabilities to develop our overseas business.
Speaker #2: And we see enough market potential in the area. So, for the overseas market, as you mentioned earlier, after the past years of development and investment, we have begun to see an increase in return.
Speaker #2: And we believe that the growth in the market share, or the share of our revenue from overseas business, is going to be good. You also mentioned outsourcing.
Speaker #2: Well, this decrease in share is mainly because we have already put in place some arrangements in our overall quality enhancement plan, which would also help or lead to a decrease in our outsourcing.
Speaker #2: we hope that, in the long run, we're able to deliver, long-term, sustainable, healthy shareholder returns. While we make more investment into our technology and equipment, we, we still, even though the, investment has been, quite high already, we'll still believe that there is not, enough eq investment into in particular equipment.
Speaker #2: So we are only able to just reach a balance in this regard. But we definitely need to continue to invest more. But overall speaking, we hope that we can enhance the quality of our company's operations by moving forward in a steady way, so that we can achieve long-term, quality development to pay back our shareholders.
Speaker #2: Thank
Speaker #1: All right.
Speaker #3: 我再补充回答第二个问题。这个作为今天最后一个问题啊，这个分红确实也是所有股东投资人关心的话题。这个每次这个话题呢，其实是绕不开的。呃，首先呢，还是感谢啊，这个理解、尊重我们股东对于分红的这种期待。呃，再有呢，就是还是会程序性的重复我们以前的表态，就是公司会是我们今年经营的结果，以及资金的情况来去慎重考虑我们分红的这个最终的决定。因为时间还早，呃，请先翻译。
Speaker #2: So now I'm going to answer the last question. The last question is related to dividends, which everyone is concerned about, particularly shareholders, and every time we are asked this question.
Speaker #2: And we do understand shareholders' expectations in this regard. As usual, our company will take into consideration our operating results as well as our funding position before making the final dividend decision, because it is still quite early right now.
Speaker #3: 呃，最后呢，啰嗦一下就是市值管理。股东回报、分红是一个重要的参考标准，但它一定不是唯一的标准。啊，我们也在平时也在讨论，呃，我们跟股东的，呃，接下来可能会进一步，比如说加强一些，是吧，公司信息的一些沟通。啊，这个加强我们的这种所谓的透明度，是吧，包括我们的一些新的发展动向。啊，我们也希望能够跟各位股东投资人做一个更及时充分的交流。再有一个呢，我认知里面的这个加强市值管理呢，我们也更加欢迎，是吧，能够有更多的投资者加入到我们未来的，是吧，中海油田服务15乃至16这种长期的耐心资本的这种投资。啊，这个分享我们未来发展的成果。回答完毕。谢谢。
Speaker #2: In terms of market cap management and shareholders' return, dividend is an important standard or criterion, but definitely not the only one. So we need to enhance our communication and information sharing with shareholders. We should enhance our transparency in relation to new developments and new moves of the company.
Speaker #2: At the same time, we also welcome more investor participation in our company's 15th Five-Year Plan, as well as our 16th Five-Year Plan. We definitely welcome more long-term and patient capital into our company, so that together we can share the fruits of development.
Speaker #2: Thank you.
Speaker #4: 感谢管理层的回答。问答环节就此结束。再次感谢各位投资者朋友今日参加中海油服2026年中期业绩发布会。公司将继续以多种形式和大家保持沟通。今天的交流到此结束。如各位投资者想与公司做进一步交流，也欢迎与投资者关系部门联系，期待下次再与大家见面。谢谢。
Speaker #2: Thank you, management, for all the answers. Once again, thank you to all our investors for joining us today at the COSL 2026 interim results presentation.
Speaker #2: The company will continue to maintain communication with you through various channels. Today's presentation is now concluded. If any investors would like to engage in further discussions, please feel free to contact our IR department.
Speaker #2: We look forward to seeing you again next time. Thank you.
