On June 30, China Oilfield Services Limited (COSL) released an announcement regarding the resolutions of the first extraordinary meeting of the Board of Directors for 2026, following the review and approval of several proposals. These included proposals for the feasibility study reports on the construction of 59 oilfield service vessels across six types and the construction of four high-performance jack-up drilling rigs.
According to its official website, COSL is a large-scale, comprehensive oilfield service provider whose operations span the entire lifecycle of offshore oil and gas exploration, development, and production. Its business is categorized into four main segments: geophysical and surveying services, drilling services, oilfield technical services, and marine support services.
COSL possesses one of the most robust fleets of offshore oilfield service equipment in the Asia-Pacific region. Its portfolio includes the operation and management of 13 geophysical survey and exploration vessels; 57 drilling units (comprising 36 jack-up rigs, 12 semi-submersible rigs, 3 accommodation platforms, and 6 modular drilling rigs); and over 130 offshore support vessels. Additionally, the company owns more than 430 sets of advanced proprietary equipment for oilfield technical services—including logging-while-drilling (LWD) and rotary steerable systems—covering logging, drilling fluids, directional drilling, cementing, and well workover operations.
In 2025, COSL recorded operating revenue of RMB 50.28 billion (approximately US$7.411 billion), a year-on-year increase of 4.1%; total profit reached RMB 5.11 billion (approximately US$7.53 billion), up 9.6% year-on-year; and net profit stood at RMB 4.06 billion (approximately US$5.98 billion), a year-on-year rise of 19.4%, marking steady growth in operating performance. In the first quarter of 2026, COSL achieved operating revenue of RMB 11.30 billion (approximately US$1.666 billion), up 4.6% year-on-year, and total profit of RMB 1.16 billion, an increase of 2.4% year-on-year.