Operator: [Foreign language]
[Translator]: Corporate representatives, investors, and analysts, good afternoon. Thank you for joining China Oilfield Services Limited Conference Call for Q3 2026. Guided by our vision of becoming a world-class energy resources and service company with Chinese characteristics, COSL continues to foster an enabling environment for scientific research and innovation, delivering targeted breakthroughs and environment for scientific research and innovation.
[Translator]: Our technological innovation is accelerating our transformation, continuously enhancing operational effectiveness and technological value across our core business applications. We continue to coordinate our products and operations with our reform and development initiatives.
[Translator]: Our overall workload and utilization rates for major equipment remain high. Equipment resources are being supplied steadily and operational efficiency continues to improve. Overall, the company maintains strong momentum towards high quality and sustainable development.
Operator: 首先请允许我介绍今天出席的管理层，公司首席财务官谢吉先生。今天发布会分为两个部分，首先，谢吉先生将带领大家了解公司在2026年第三季度的业绩情况，之后我们将开放提问环节。接下来让我们把时间交给谢吉先生。
[Translator]: First, please allow me to introduce today's management representative, Mr. Qie Ji, Chief Financial Officer of the company. Today's conference call will be divided into two parts. Firstly, Mr. Qie Ji will walk you through the company's financial and operating results for Q3 2026. We will then open the floor for questions. Now I will hand over to Mr. Qie Ji.
Qie Ji: 好，各位投资者，大家下午好。感谢各位投资者持续关注中海油服的发展。接下来由我汇报公司本期业绩与业务发展情况。回望本报告期，全球能源服务行业外部环境错综复杂，市场波动加剧，国际油价整体震荡上行。在此背景下，公司锚定战略发展方位，科学统筹大型核心装备的调度与供给，自主核心技术加速在全球化落地与规模化应用，精准响应客户勘探开发的多元业务需求，公司经营方面稳中有进，行稳致远。业绩层面，本期公司实现营业收入人民币357.3亿元，同比增长25%，实现净利润人民币42.2亿元，同比增长1.3%。从四大业务板块的运营表现来看，各业务条线多点发力，齐头并进。技术板块持续创新引领发展，聚焦推进成熟产品迭代换新，加快前沿新技术商业化落地推广，板块核心业务的作业规模和营收水平平均实现同比稳健增长。钻井板块，海外业务亮点纷呈，半潜式平台作业天数同比提升12%，海外半潜项目实现高标准、高质量运营，海外营业收入占比持续攀升。船舶板块充分释放专业化管理核心优势，打通国内外资源协同通道，统筹调配船舶运力资源，累计作业天数同比新增4025天，资源利用效能得到充分释放。物探板块持续保障装备迭代体系升级，泰国湾项目圆满高质量交付，作业时效大幅超过客户预期，自研装备的硬核作业实力获得海外客户的高度认可，海外市场版图实现稳步增长。最后，公司始终会以扎实、可持续的经营业绩回报股东的支持与信任。谢谢大家。欢迎各位投资者提问交流。
Operator: 谢谢管理层的介绍。现在我们将进行提问环节，为了让更多投资者朋友有提问的机会，请每位提问不超过两个问题，提问之前请告知您所在的公司和姓名，并请注意，我们将在问答环节提供交传，在您提出问题后，留出一些时间进行翻译。大家好，如需提问，请在话机上按星一键等候。先按星号键，再按数字1，谢谢。
[Translator]: Thank you to the management for the presentation. We will now move on to the Q&A session. To give more investors an opportunity to participate, please limit your questions to two per person. Before asking questions, please state your company name and your name. Please note that consecutive interpretation will be provided during the Q&A session. After asking your question, please allow some time for the interpretation. If you would like to ask a question, please press star 1 on your telephone keypad and wait. Press the star key first, followed by the number 1. Thank you.
Operator: 下面我们接入第一位提问者。光大证券的赵乃迪已为您开启声音，请开始您的提问。谢谢。
Zhao Chen: 好的，谢谢会议助理。尊敬的谢总，管理层，大家好，我是来自光大证券的研究员赵乃迪。首先恭喜公司取得了比较优秀的业绩。我这边有两个问题想借这个机会向大家请教。第一个问题就是我们看到十五五规划里面，海上油田服务里面，对油服行业还是有一些明确的指引的，我们看到了，也非常关注。我们想请教一下，这个规划对整个油服行业的影响如何？那么包括和七年行动计划相比，大家领导们的一个预判，整个节奏是更快呢，还是说更稳健呢？这第一个问题。那么第二个问题，我们比较关注公司国际化的具体的战略规划，以及目前公司海外重点项目的进展和后续的展望。谢谢。
[Translator]: I am Zhao Naidi from Everbright Securities. I have two questions. Firstly, I want to start with congratulations on the good operational results of the company. Then I would like to ask the questions. The first question is we have seen that China's 15th Five-Year Plan already gave some clear instructions on oilfield services businesses. This has attracted our attention. We would like to know what is the impact of such instructions on the oilfield service company as a whole? Also, how do you compare it with the seven-year action plan? Do you see things will go faster or will become more steady? That is the first question. The second question. We pay very much attention to your internationalization, including the specific strategies, plans of your international endeavor, as well as the status quo of your key overseas projects and the outlook down the road. Thank you.
Qie Ji: 你好，感谢你的这个问题。我先尝试着对它进行一个回答，因为这个还是跟我们整个行业的研判有密切关系。关于你的第一个问题，据我的了解来看，毫无疑问，中海油服作为CNOOC的一个核心的服务商，国内十五五关于油气行业，特别是海上油气行业的相关的目标要求，应该说油服都责无旁贷，不会缺位。而且也会更加深度地与CNOOC进行这种合作。目前相关的安排，双方还在进行对接当中。从总的感觉来看，第一就是今年的工作量的安排，我们认为是好于年初的预期的。第二，总体的概念是，其实留给十五五落实规划的时间不多了，就剩四年了。鉴于油气行业是一个缓慢起步、中间提速的这么一个特点，我认为，实施落实规划的这个节奏甚至要难于以及快于我们的七年行动计划。谢谢。
[Translator]: Thank you for asking the question. I will try to answer these questions because these questions are very much related to our judgment of the industry as a whole. Regarding your first question, to my knowledge, COSL, as one of the core service providers to CNOOC, of course, we will deliver on our due responsibilities and play our due part when it comes to fulfilling the requirements of China's 15th Five-Year Plan regarding the oil and gas industry, in particular offshore oil and gas industry, we will definitely have more in-depth cooperation with CNOOC. Currently, we are still talking about how to better align the two sides to fulfill such requirements. In terms of specific arrangements, of course, we are still discussing the specific arrangements. Two things I want to highlight here. Firstly, in terms of the workload plan for this year, we believe that it is actually better than the expectation we set at the beginning of the year. Secondly, in terms of the overall idea, because only four years left for us to complete the 15th Five-Year Plan and oil and gas industry, given its characteristics of having a slow start and accelerating in the process, which means that probably we need to do it faster and even things will be more challenging for us compared with our own seven-year action plan. Thank you.
Qie Ji: 你的第二个问题，总体来说，油服未来如果仍然需要这种高质量的发展，海外毫无疑问是重中之重，而且我个人认为也是唯一的选择。具体展开说一说，我觉得一个是国际收入的产值的占比可能是要继续提升的，我们现在是20%左右，我觉得未来我们可能要向着尽快进入到下一个数量级。另外一个就是要综合施策，要尽可能地提高我们的盈利能力。第三个就是在区域上，还是要聚焦，一方面依托CNOOC的国际发展，另外一方面要继续打造油服自身传统的区域，比如说大家都知道的哈萨克斯坦，是吧？然后包括莫桑比克等一些区域，我们都在去跟踪。第四个，要想做到国际化，可能就是把我们的技术的优势更加充分地释放出来，特别是依托于我们传统装备的。简单说一下这个展望，我觉得主要就是公司会在安排2027年的预算的时候会重点考虑。前段时间公司也召开了海外业务高质量发展的一个会，到时候我们找机会再跟投资人具体地交流。谢谢。
[Translator]: Regarding your second question, in terms of the oil and oilfield services, the future of it, of course in order for us to have a high-quality future, we definitely need to develop our overseas business, putting it top of our priority. That represents one of the exclusive ways to achieve high-quality development in the future, in my personal opinion. If I were to expand on it, currently our international business, how much it accounts for our overall revenue, the number currently stands at between 24% or 25%, and in the future, we will accelerate the pace to bring the proportion to the next level, next order of magnitude. That is the first point I want to highlight here. Secondly, we need to take comprehensive measures to improve our profitability. That is second point. Third point, region-wise, we need to be focused.
[Translator]: For one thing, we need to continue to rely on the advantages of CNOOC, including CNOOC's international network and presence. On the other hand, we need to continue to deepen our presence in conventional areas, for example, Kazakhstan, an area familiar to you all, as well as Mozambique. These areas we are already closely following the situation there. Fourthly, if we want to do a good job in internationalization, we need to fully unleash the advantages of our technology, in particular with regard to our conventional equipment. As for the outlook, I believe that when the company makes budget plans for 2027, we will give these considerations key attention. Actually, not long ago, we have held a high-quality overseas business development conference, which I would like to have more discussions with you in details in the future if such opportunities allow. Thank you.
Operator: 下面我们接入下一位提问者，Jefferies的罗海夜，已为您开启声音，请开始您的提问。谢谢。
[Analyst] (Jefferies): 感谢管理层给这个提问的机会，想请教一下戚总两个问题。第一个是说我们公司其实最近，中海油跟中石化其实以一个70/30的一个比例，获得了巴西那个GIT上了区块的一个block。我想问一下，对我们来说，有什么可能潜在的机会，或者说我们现在大约进展到什么情况？然后第二个想问一下，因为刚刚也差不多问了一下，就是说十五五的规划，或者说近期上周五这个十年行动计划，我们看到能源局提出的，想知道一下，这个对我们的资产配置上面会有没有一些其他的考量？例如，我们也知道我们的利用率可能也达到了一个高位，所以说不知道在这个方面会有什么其他的考量的框架。
[Translator]: 罗海夜 from Jefferies.
[Translator]: Thank you very much for giving me this opportunity to ask. I have two questions I would like to have your opinion on. Firstly, I got to know that CNOOC and Sinopec recently have actually won one of the blocks in the Brazilian GIT region at a proportion of 70/30. I want to ask what are the potential opportunities for COSL? Also can you shed light on the status quo, the current situation there? The second question is, again, as the previous speakers already touched upon the 15th Five-Year Plan of China, and not long ago, actually just last Friday, China's National Energy Administration also proposed the next 10-year action plan. I wonder how well these action plans affect your asset allocation considerations, because we know that currently your utilization rate already is at a high level. I wonder will there be additional considerations in that respect. Thank you.
Qie Ji: 好，感谢你的提问，我先回答第一个问题。关于CNOOC在巴西获得区块，作为具有国际油田服务能力的油服，作为中海油集团的重要子企业，我们一定会紧密地跟踪相应的商机。因为总体来说是中资企业，应该是作业主。所以我们觉得油服也会去进行一些相应的努力。然后这一块我相信双方在巴西市场，总体来说还是要遵循一个市场化的原则。另外一个我想说的是，其实中海油服从去年我们有南巴开始在巴西作业以来，我们其实自身也正在摸索也好，积累也好，我们在当地各种经营环境的熟悉，我相信也有助于如果有机会的话，可以能够参与到这个项目当中去。谢谢。
[Translator]: Thank you for the questions. Let me answer the first question regarding CNOOC being granted part ownership or part right in the block in Brazil as a subsidiary specializing in oilfield services under CNOOC. With such capabilities to provide comprehensive services, we will definitely pay close attention to and closely monitor relevant opportunities commercially. On the whole, I believe that Chinese companies will be the operators there. Therefore, I think that we will carry out or we will do something, make some efforts in that respect. On the whole, I believe that in the Brazilian market, both sides shall follow a market-based principle. There is one more point I want to highlight here is that starting from last year, we started having operations in Brazil, and COSL is either call it exploration or building up of expertise, we are gradually increasing our familiarity of local business environment. I believe if opportunities allow, that will be conducive to us being part of this project. Thank you.
Qie Ji: 关于你的第二个问题，关于十五五的，我刚才也说过了，你问的这个问题我觉得确实是一个非常深远的值得考虑的问题。目前的现状，其实大家也知道，国内的装备的使用率确实是在一个比较高的水平。就像我刚才说的，十五五规划肯定更难，要求时间更紧。所以某种意义来讲，在这个情况下，投入装备的强度是要大于十四五，甚至是七年行动计划。那么油服的装备总量在十五五的时候会有进一步的扩充。就像我们之前的若干个公告，无论是工作船的还是钻井平台的自建，当然也不排除继续在市场寻找机会去购买。总之，就是一定会把重型的资产投入到确定性较高的区域，当然不排除国内国外的这种正反两方面的一个协同。谢谢。
[Translator]: As for the second question regarding our plans for the 15th Five-Year Plan period, how to fulfill instructions, as I already touched upon this question before, this is indeed a question worthy of consideration. As for the current situation, I believe you all know that the utilization rate of equipment of Chinese players now is at a rather high level. As I mentioned that things will be even tougher during the 15th Five-Year Plan period, and we have to deliver within a shorter time span. Therefore, to some extent, our investment in equipment in terms of the investment intensity, such intensity will be even more than during the 14th Five-Year Plan period, or comparing it with our seven-year action plan. Therefore, in terms of the total holdings of equipment, the total holdings by COSL will increase during the 15th Five-Year Plan period.
[Translator]: Just like from what you can read from our previous several announcements, be it in terms of the total number of vessels or rigs, we try to build by ourselves, but we do not rule out opportunities to seek purchase opportunities for the market. Of course, the key message here is investment in heavy assets shall be done in areas where there is a high level of certainty. We also consider both domestic and international. Thank you.
Qie Ji: 谢谢，谢谢。
Operator: 下面我们接入下一位提问者，中金公司的王佳旭。已为您开启声音，请开始您的提问。谢谢。
Wang Jiaxu: 谢总您好，感谢您今天给这个交流机会。我首先想请问一下公司三季度各个板块大概的毛利率水平，尤其是油技服务板块此刻的毛利率，以及中长期我们体系内订单的毛利率有没有一个大概的指引？这个是整体的第一个问题。第二个是想请教一下钻井这一块，公司因为已经我们看到在海外，比如说在巴西和挪威的项目上都已经取得了很好的回报。那未来呢，一个是想请教一下，在半潜式钻井的订单上，是否还会开拓一些新的地区和区块。那第二个想请教一下，就是自升式钻井的一个出海情况，有没有在跟踪一些新的项目？谢谢谢总。
[Translator]: From CICC Wang Jiaxu.
[Translator]: Firstly, I would like to say thanks. I have two questions. The first question, I want you to walk us through the profits, the gross margin of your various business sectors during Q3, in particular regarding the oilfield services gross margin. I also wonder if there is a rough guidance regarding your profits from orders placed from the same system. That is the first question. The second question concerns rig, because we already see very good returns yielded from your projects in Brazil and Norway. Therefore, I would like to ask whether you will consider expanding into new zones and blocks for your semi-sub, as well as any international plans for your jackups, any new projects that you are paying attention to? Thank you.
Qie Ji: 感谢你的提问。应该说三季度整体来说，我们公司的经营运营是比较正常的，较之无论是上半年还是二季度，公司的盈利能力，应该说都是好于同期的。技术板块依然是大概能够维持在17%、18%的这么一个营业利润率。我觉得还是比较正常的。请翻译。
[Translator]: Thank you very much for the question. Regarding the first question, our performance in Q3. On the whole, our operational performance has been rather normal during Q3. Comparing either with H1 or Q2, overall profitability, it is fair to say, is better than the same period. As for the specific technical service sector, we can continue or we can sustain the 17% to 18% operating profit level, something I do see as rather normal. Thank you.
Qie Ji: 我愿意再跟你具体拆解一下，比如说技术板块，我们半年的时候的经营利润率是大概在17.1%，我们1到9月份是17.2%，这个总体来说是保持一个相对高位的一个稳定。我们的钻井大概是15.5%，然后三季度大概是16%，所以也是一个稳中有升。谢谢。
[Translator]: Let me give you a further breakdown. In terms of our technical sector, H1 operating profit was 17.1%, and the number for the first 9 months of this year was 17.2%. It is fair to say that the technical service profitability has maintained steady at a high level. In terms of our drilling sector performance, the operating profit was 15.5% for H1 and roughly 16% for Q3. In other words, this sector has maintained steady performance with slight increase. Thank you.
Qie Ji: 第二个问题，关于钻井板块。总体来说，油服的钻井今年的作业表现还是好于预期的，特别是海外，以挪威和巴西为代表。但是毫无疑问，今年国内的作业表现也是不比国外差。具体到目前油服的钻井船的装备是处于一个紧平衡状态，而且逐步地根据市场的需要，在向国内去进行一定的调整。但是海外的市场依然是，首先一个，存量它的期限比较长，大家也知道挪威可能都——如果顺利的话，我们可以通过选择期的方式，一直续到十五五末。包括巴西也是一个1250加1250的合同。应该说整个境外大型装备资源的运营基本上是可以预期的。谢谢。
[Translator]: Regarding the second question on the drilling sector. On the whole, our oilfield drilling services' performance is better than expectation at the beginning of the year. In particular, our overseas performance as represented by Norway and Brazil, you mentioned before. As for the performance domestically, domestic performance is at least on par with the performance overseas. In terms of the drilling vessel, currently the situation is in tight equilibrium, and we are doing gradual redeployment of such equipment to serve domestic use based on the market situation. As for the overseas market, overseas contract tends to be of longer term. You may be aware that for Norway, if things go well, we always have the option to extend our contract until the end of the 15th Five-Year Plan period. The situation for Brazil is the contract is in 1250 plus 1250 contract format. In other words, our overseas operational equipment resources is basically predictable. Thank you.
Qie Ji: 再补充一下，其实海外的钻井船市场我们也一直在跟踪，在去研判动态，调整我们的装备。再有一个想跟投资者交流的，钻井这个行当，至少油服来讲，并不因为它船在国内或者国外，导致它的盈利能力产生重大差异。就是说我国内有着高负荷的使用率，也许有的时候要远远好于我在国外不连续的作业对公司造成的负面影响。谢谢。
[Translator]: There is some additional information I want to add here. For drilling vessels, in particular, international drilling vessels market, we also pay close attention to it, closely following it, making dynamic assessment, and making dynamic decisions regarding redeployment of our equipment. One more piece of information I want to share here is that for the drilling business, at least from the perspective of us as the oilfield service company, such equipment, whether it is domestically deployed or internationally deployed, it does not really affect its profitability. The high utilization rate currently internally in China probably is better than whatever impact non-continuous operation overseas might have on the company. Thank you.
Operator: 下面我们接入下一位提问者，中银国际的刘志成，已为您开启声音，请开始您的提问。谢谢。
Liu Zhicheng: 谢谢给我发问的机会。我是中银国际的刘志成。有两个问题想问一下崔总。首先想了解一下，我们前三季度的收入的增量还是比较少的，去年的情况就是四季度是收入环比增长是比较快，但是盈利就好像是有所下降。那能不能麻烦崔总举例一下，比如说今年四季度的情况会不会跟去年的四季度的情况类似？另外一个问题就想问一下，如果我们还想在比如说在深水这个钻井板块，在开拓海外市场的话，是不是代表着我们要再上新的装备呢？就是说我们在手的比较好的半潜式平台都已经去了海外了，能去的基本上都去了。如果要再拿新单，是不是我们真的要另外再上新的装备了？谢谢。
[Translator]: Thank you very much. Liu Zhicheng from BOC International.
[Translator]: Firstly, I want to say thanks for giving me this opportunity. Two questions. Firstly, I wonder, because if you look at the revenue growth for Q3, revenue growth was not that significant. The situation from last year was that last year, in Q4 last year, your revenue growth was rather fast quarter-on-quarter. However, during Q3, your profit level dropped. So can I ask you to give us some guidance regarding what do you see will happen in Q4 this year? Do you see the situation in Q4 this year to follow a similar path to the situation in Q4 last year? There is a second question.
[Translator]: In deep water drilling sector, if you want to further expand overseas market for your deep water drilling services, does that mean you need to have new equipment? Because pretty much all the semi-subs have already been deployed overseas, which means that if you want to get new overseas contracts, does that mean you will need to have new equipment? Thank you.
Qie Ji: 好，感谢你的提问。关于第一个问题，目前油技服务的收入的整体增速是大概在3%同比的一个增长，跟上半年的增幅类似。当然前两年得益于国内增储上产的快速的实施，同时叠加了油服技术能力的标志性的达成，所以前两年的收入增幅比较大。我们也在做相关的安排，就像刚才一开始在回答十五五的时候，我觉得如果十五五想达到既定的目标，其实从27年、28年油公司可能就要开始发力了。我觉得是这么一个判断，我觉得今年仍然是可以保持一个小幅增长的收入吧。
[Translator]: Thank you for asking the questions. To answer your first question regarding our revenue growth for Q3. Our revenue growth for Q3 was 3% year-on-year on a similar level compared with the revenue growth for H1 of this year. Of course, over the past 2 years, because of the fast execution of reserve growth and production growth, the execution of the strategy by domestic oil operators as well as our technical capabilities hitting a couple of milestones, our revenue growth over the past 2 years was rather dramatic. We look forward to the situation and are making corresponding arrangements.
[Translator]: As I've mentioned that if, say, the goals set for the 15th Five-Year Plan shall be reached, or the target shall be reached, then oil companies must start making some arrangements, doing something starting from 2027, 2028. Therefore, we believe that on the whole, our revenue growth, we can maintain slight growth for our revenue for this year. Thank you.
Qie Ji: 当然关于第一个问题，我再补充一点，当然我们油服绝对不会放弃海外市场的开拓。目前看呢，第一，今年如果一切正常的话，我们也有信心实现一个海外收入的持续增长，尤其是克服目前中东的一些小幅的影响以后。另外一个，说长远一点，我们也希望能够继续加大在中东市场，包括刚才也提到中亚市场的获取力度，来帮助油服在收入上实现一个更好的增长。请帮忙先把这段翻译一下。
[Translator]: There is one more point I want to add to answer your first question. Of course, COSL will never give up on expansion of our overseas markets. If everything goes well, we'd expect continued revenue growth from our overseas business in particular, even you exclude or even after balancing or after offsetting whatever slight impact we suffered from the Middle East. There is one more point I want to emphasize here, that we hope to expand markets expansion in Middle East as well as other parts of the world to help our revenue growth to achieve even better revenue growth. Thank you.
Qie Ji: 关于第二个问题，就是海外深水。一方面，油服现在在筹划建造的深水的钻井平台，在技术性能上，我们已经按照具备海外深水作业能力的指标再去安排。同步也在持续关注着海外深水市场的相关的需求。请翻译，谢谢。
[Translator]: Then to answer your second question regarding overseas drilling expansion. When it comes to overseas drilling, we are currently making plans for deep water drilling vessels, and we are benchmarking against the international or overseas deep water operational indicators to determine on the technical parameters of all these deep water drilling vessels under plan. We also pay close attention to the relevant demand from overseas on deep water market. Thank you. 下面我们接入下一位提问者, 麦格理证券的苗华欣. 已为您开启声音, 请开始您的提问. 谢谢.
[Analyst] (Macquarie Group): 苗华欣你好，我是麦格理的分析师苗华欣。我这边主要有两个问题。第一个就是刚才您也提到了，现在整体我们的设备利用率也相对来说是比较饱满的。然后在我们新签的和海油的这些项目的，比如说钻井船啊这方面，包括我们jackup、semi的日费，有没有一定的灵活性？比如说有没有在优考核的情况，有日费小幅上浮的这个可能性？这是我的第一个问题。然后第二个的话，像您刚才也提到了，如果接下来海油在未来几年的话，整体的需求也是比较旺盛的，同时我们的海外的需求也比较旺盛，当然可能我们也会投资一些新的船。在整体的话，我们之后的新的协议，包括我们的这些资源，包括我们这些设备怎么样去allocate呢？我们是更prioritize价格更高的区域，还是说我们会做一个balance，去找到一个更好的，对于我们来说的这样一个商机出来？好，谢谢。
[Translator]: I am 苗华欣 from Macquarie Group. I have two questions. The first question is, you mention that your current equipment utilization rate is rather high. I wonder when it comes to signing new contracts with CNOOC, are there possibilities for slightly increasing the day rate for either your semi-subs or jackups? Any possibility there? The second question is, you mention that your demand from CNOOC, your demand from overseas, your demand from domestic market, such demand are strong. You also have plans for new vessel building and for new equipment building. The question is, how will you prioritize resource and equipment allocation? Will you prioritize areas with higher day rates, or will you prefer to find a better balance there? Thank you.
Qie Ji: 好，感谢你的提问，我先回答第一个问题。今年是油服跟有限公司新三年的第一年，总体来说，装备的费率总体是保持平稳。但是正如你提到的，就是确实这里边增加了一些额外的奖励机制，主要就是分类，作业表现好，可以适当上浮日费。从目前油服的前三季度的实现的钻井日收入来看，这里边有一部分增长确实得益于油服前三季度作业表现，得到了CNOOC非常好的一个排名的评价带来的增长。我们也希望通过努力能够把这一块实现一个常态化。谢谢。
[Translator]: To answer your first question, indeed, this year is the first year of the new three-year with CNOOC. On the whole, the equipment day rate has been overall maintained steady. However, as you rightfully pointed out that we do see addition of additional awards or rewards mechanism, specifically in way of classification. In other words, slight increase of day rate for equipment with good operational performance. Therefore, if you do a dissection of our revenue for the first three quarters of this year for the drilling, part of the revenue growth is indeed attributable to the recognition by CNOOC by way of us ranking high in CNOOC ranking, and we hope to, with our efforts, make it more of a longer term normalized situation. Thank you.
Qie Ji: 第二个问题，我觉得也是我们管理层需要考虑的问题，就是活很多、装备很紧，我们怎么分？我个人简而言之一句话，刚才我也提到过，就是把船用到最满，也不能说100%最满，我的意思就是说把船在保证安全的情况下用到最足，不要晒太阳。这个指标对效益的这种贡献要远远大于日费的这种小的区别。更何况对于油服的国内国外，其实钻井船的盈利能力基本上相当，都是在两位数以上，跟平均水平，国内国外都差不多。谢谢。
[Translator]: As for the second question, this is also a question that we as management must give consideration to, meaning that there are a lot of things or a lot of projects to be delivered, whereas our equipment is rather tight. How to make the proper allocation of the tight equipment resources? Personally, I believe one sentence is enough to summarize, meaning with the precondition being the safety of the vessels guaranteed, we strive to achieve as much as we can, 100%, if not 100%, but as much as we can, full utilization of the vessels when security of such vessels is guaranteed without leaving them idle. I believe that this indicator will contribute much more to our overall operational performance compared with any slight change in the day rate. One more thing, for COSL, our drilling services capability domestically and internationally are almost on par, they are double digits on average. Domestic, international, on par. Thank you.
[Analyst] (Macquarie Group): 谢总，我最终再补充一个小的问题，其实我是想问一下，如果我们国内未来10年要做一个持续的增储上产的话，是不是更多的油公司的CapEx的growth，对我们来说反映出来更多的可能是对于油气板块更强的一个持续的这样一个需求。所以对于油气板块的话，如果是一个在持续的资本开支这样的情况之下的话，我们对于油气未来更长期的维持，对于我们的收入端，包括市占率的话，我们有没有更长期的一个目标？谢谢。
[Translator]: One additional question I want to add here, because you mentioned that your parent company has plans to make more CapEx investment. Does that mean this will also be reflected in their continuous stronger demand for your oil and gas service? In particular, if such CapEx increase is sustained, how will it affect your longer term goals for your revenue and market share for your oil and gas business? Thank you.
Qie Ji: 好，我再回答一下，我觉得是这么一个逻辑关系。首先油气在油服的收入占比过半。我们有信心，随着油公司在十五五投入的加大，如果它加大的话，那么我们技术板块是有能力、有资源去给予足够的保障。因为毕竟来讲，技术板块对于大型装备的需求是一定会少于装备板块，这是第一个概念。第二个概念就是技术板块，毫无疑问，技术板块在国内的市场占有率一定是非常高的。然后接下来就是油服一定会加大，刚才提到了，说我们要加大海外的发展，那么接下来就是靠什么发展海外？一定只能靠，或者说绝大部分是靠油田技术的投入，无论是新领域的，还是伴随着CNOOC的，还是伴随着我们自有大型装备的。谢谢。
[Translator]: To answer this question, I think that the logic makes sense here, because firstly, for Oilfield Technology Services, this sector contributes more than 50% of our revenue. We have the confidence and if our parent company increase their CapEx investment, we do have such capabilities and resources to cater to the needs because of the demand. That's the first concept. The second concept is that the technical service sector, its market share in China is definitely going to be very high. Additionally, as I mentioned, that we have to expand our overseas development based on what kind of capabilities. The only way is, or for a large part, is to rely on our Oilfield Technology Services, be it in terms of investing in new areas, or going overseas with CNOOC's project, or with our domestic, or with our own efforts. Thank you.
Operator: 由于时间关系，我们在接通最后一位投资者进行提问。请会议内秘书接通，谢谢。
[Translator]: Due to time constraints, we will now take one final question from an investor. I will ask the conference operator to connect to the next investor. Thank you.
Operator: 下面有请来自于美国银行的王一鸣提问。
Wang Yiming: 谢总下午好，感谢给我提问的机会。抱歉，我进来得有点晚，所以如果我提的问题跟前面有重复，还请各位见谅。我的第一个问题是关于我们的汇兑这块，想请教谢总，咱们三季度的汇兑损益是多少？因为我看到公司也没有像以前两个季度做一些汇兑相关的披露，所以我猜测是要小一些。我想问一下谢总，汇兑损失如果变小的话，是因为人民币的升值趋缓，还是因为咱们引入了一些新的外汇管理的手段？这是第一个问题。第二个问题是关于我们的资本开支，从现金流的角度，确实上开通看到三季度咱们的净现金流像管理层指引的一样转为正数了。那咱们的资本开支这一块，如果是单纯看固定资产的投入的话，前三季度大概累计了30亿不到，比我们年初的资本开支指引还是有一定的差距。所以我想请问一下，咱们年初的资本开支指引还算以内为主变吗？如果是四季度是一个比较大的资本开支水平，主要是因为结算的情况，还是有一些资产购入的这样一个计划？就这两个问题，谢谢谢总。
[Translator]: Wang Yiming from Bank of America. Apologies for joining the call rather late. I have two questions. The first question is about your FX gain loss for Q3, because I saw that you didn't disclose that specific number like what you did for the first quarters. Therefore, I personally assume that the gain loss from FX conversion for Q3 is relatively smaller compared with the situation in the first two quarters. I would like to have your answer here. Also, I wonder if the gain loss from FX conversion becomes smaller, is it because of the slowing appreciation trend of RMB? Or it is because COSL has introduced some new methods to manage your forex? That's the first question.
[Translator]: The second question concerns your CapEx. From the cash flow perspective, we are happy to see that your operating cash flow in Q3, just like the guidance provided by the management, has turned positive during Q3. However, if you look at CapEx or investment in fixed asset investment for the first three quarters, less than CNY 3 billion, still falling short of the CapEx guidance given at the beginning of the year. Therefore, my question is, do you see your CapEx guidance given at the beginning of this year be fulfilled before the end of this year? If that is the case, that means that you will have to do a big CapEx expenditure for Q4. If that is the case, is it because of settlement or is it because of plans to do additional asset purchase? Thank you.
Qie Ji: 感谢你的提问。第一个问题，我也很抱歉地跟你说一下，其实汇兑损失并没有比半年的时候有所收敛，有所好转。应该说伴随着人民币的升值，油服三季度的汇兑损失，从半年的将近CNY5.6亿提高到了CNY7.2亿。同比应该也是有将近CNY5亿的一个汇兑损失。具体影响也依然是因为母公司对海外机构历史的往来记账本位币兑换的影响，并不是我们海外经营当期有问题。谢谢。
[Translator]: To answer your first question, thank you for asking the question. For the first question, I am sorry to say, but the situation for FX loss during this quarter was no better than H1. It is fair to say that with the appreciation of RMB, our first three quarter FX loss increased from the CNY 560 million for H1 to CNY 720 million covering the first three quarters. Even you do a year-on-year comparison, we still suffer CNY 500 million FX loss. Mainly, it is a result of our historical dealings with overseas institutions, as well as the difference in the denomination currency. It is not because of anything wrong with our overseas operation. Thank you.
Qie Ji: 你的第二个问题，关于CapEx，应该说今年前三季度的CapEx是不到CNY30亿，同比减少，而且较之年初的CNY84亿也进度非常慢。这里边有一些项目已经结转到了后续船只的建设当中去，有可能会在未来几年逐步释放。另外有些项目也是我们根据作业的安排进行了主动的优化和调减。目前看，同时我们也没有放弃继续寻找购买钻井船的这个机会。总体看，应该说今年的资本开支跟去年大体相当，可能会略少于年初的计划。谢谢。
[Translator]: To answer your second question on CapEx, as you pointed out that our CapEx for the first three quarters of this year was less than CNY 3 billion, even less than the same period last year. Also because beginning of the year, we gave the guidance of CNY 8.4 billion, which means that we are rather slow in fulfilling the CapEx guidance. Some of the CapEx projects have already been incorporated in our future vessel building plans, and such plans and such CapEx will be gradually released down the road. Some of the projects, we have taken the initiative to make adjustment, and we take the initiative in cutting back on some of the projects because of operational arrangements. But currently, we have yet given up on plans to buy additional drilling vessels.
[Translator]: On the whole, CapEx this year shall be almost on par with the situation last year, but might be slightly less than the guidance given at the beginning of the year. Thank you.
Qie Ji: 最后再补充一句，也是以前都说过的，我希望跟广大投资人再交流一下。最后一句话就是，我们的CapEx一定会量力而行，但是有些必须做的，也一定会坚决地去做。CapEx投资的强与弱，和我们在资本市场对投资人的回报没有必然强关联。谢谢。
[Translator]: Last but not least, I want to add a couple of points already shared with you before. In summary, whenever we make CapEx decisions, we measure. We follow the strategy of measuring our capabilities in making CapEx decisions. That is the first point. Second point is, whenever we must do something, we will be resolute in making such things. Thirdly, there is no strong correlation between whether we have high or low CapEx. Vis-a-vis our return to investors, there is no strong correlation there. Thank you.
Operator: 感谢各位的提问及管理层的详细解答。感谢大家对中海油田服务股份有限公司的关注与支持。由于时间关系，本次业绩电话会即将结束，如果您还有更多的问题，欢迎随时联系公司。本次会议到此结束。谢谢大家。
[Translator]: Thank you for your questions and for the management team's detailed responses. We appreciate your continued interest and support for COSL. As we are approaching the end of the conference schedule time, today's conference call will now conclude. If you have any further questions, please feel free to contact the company at any time. This concludes today's conference call. Thank you.
