关注证券之星官方微博:

COSL:2012 Performance Review of COSL

2013-04-09 00:00:00 来源:辉立证券(香港) 我要评论

Company Profile

COSL (China Oilfield Services Limited) is the largest integratedoilfield services provider in China. Its four kinds of core business aregeophysical services, drilling services, oilfield technology servicesand marine services. Its parent company, namely China NationalOffshore Oil Corporation (CNOOC), is the largest offshore oil andgas producer in China.

Investment Summary

In 2012, the Company earned RMB 22.105billion in revenues,which was 20% higher than that in 2011(RMB 18.426billion). Netprofit attributed to shareholders reached RMB 4.57billion, whichhad a 13.1% year-on-year growth. Earnings per share (EPS)amounted to RMB 1.01. Huge rise of upstream demand andproduction capacity growth brought by new equipment contributedto a sharp increase in achievements in 2012.

In the year of 2012, all the four kinds of business recorded asubstantial growth. Drilling services earned RMB 11.252billion,which is 18.2% higher than that in 2011, and remained the keygrowth point for the Company. The significant growth in thisbusiness benefited from the increase of work amount and daily rate.The jack-up drilling rig and semi-submersible drilling rigrespectively operated 552and 534days more than that of last year;

the daily rate rose by 1% and 14% respectively. In addition, theturnover of oilfield technology services increased significantly by23%, reaching RMB 4.858billion. The turnover of marine servicesincreased by 16.2% and amounted to RMB 2.945billion. Theservices of geophysical prospecting and engineering investigationincreased by 25.7% over 2011and amounted to RMB 2.427billion.

CNOOC's successful acquisition of Nexen has signified itsdetermination to increasingly expand offshore oilfield andvigorously develop upstream business. At the end of August, 2012,COSL issued USD 1billion bonds in foreign currencies in order topurchase new drilling equipment. CNOOC also intended toaccelerate deep sea drilling business. These actions hinted that theCompany's quantity of work will grow continuously in the future.

In terms of both current supply & demand and currency conditions,it is highly probable that international oil price will keep rising. Inthis case, the upstream production enterprises are supposed to investheavily, while drilling work amount and daily rate will increaseaccordingly. Moreover, no huge risk of fluctuation exists in theindustry due to a long development period, long contract term andguaranteed rate. Short and medium-term drop of international oilprice exerts hardly any adverse impact on the Company's businesses.









相关附件

财经头条

绿地集团借壳金丰投资登陆A股

绿地集团借壳金丰投资登陆A股

金丰投资拟注入资产为绿地集团100%股权,预估值达655亿,这也将刷新A股史上最大规模借壳纪录。……[详情]

0.35%
3.26%

财富生活

精彩图片

新闻直通车
  • 热点
  • 新闻
  • 股票

更多>>

互动社区
  • 博客精粹
  • 赶牛热议

郑重声明:以上内容与证券之星立场无关。证券之星发布此内容的目的在于传播更多信息,证券之星对其观点、判断保持中立,不保证该内容(包括但不限于文字、数据及图表)全部或者部分内容的准确性、真实性、完整性、有效性、及时性、原创性等。相关内容不对各位读者构成任何投资建议,据此操作,风险自担。股市有风险,投资需谨慎。