China Oilfield Services Ltd (OTCPK:CHOLF)
$ 0.8145 0 (0%) Market Cap: 6.96 Bil Enterprise Value: 8.54 Bil PE Ratio: 19.42 PB Ratio: 1.49 GF Score: 90/100
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Half Year 2024 China Oilfield Services Ltd Earnings Call (Chinese, English) Transcript

Aug 27, 2024 / 02:00 AM GMT
Release Date Price: $0.8145

Key Points

Positve
  • China Oilfield Services Ltd (CHOLF) achieved a significant growth rate of 20% in the well services segment, with operating revenue increasing from 10% to 80%.
  • The company has successfully diversified its markets and clients, increasing its foreign market share from 16% in 2022 to 25% in 2024.
  • CHOLF has implemented a comprehensive cost control system, focusing on controlling costs at the smallest unit level, which has contributed to improved profitability.
  • The company has secured new projects for two of its rigs, the Seeker and Shanghai, with increased rates.
  • CHOLF has a strong cash flow and is considering optimizing its debt ratio and increasing the payout ratio of dividends in the future.
Negative
  • The income tax for the first half of 2024 was significantly high at RMB700 million, compared to RMB406 million in the previous year.
  • The company faced challenges with projects in Saudi Arabia, leading to suspended operations for some rigs and impacting income tax.
  • The profit rate of the overseas market is not as good as that in the domestic market, primarily due to lower acceptance and recognition of new technologies by international clients.
  • The subcontracting rate in areas such as directional drilling remains high, with a rate of about 40%, posing challenges in meeting market demands with current capacity.
  • The day rates for jack-up rigs and semi-submersible rigs have decreased, indicating potential pricing pressures in the market.


Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

601808.SS - China Oilfield Services Ltd
Half Year 2024 China Oilfield Services Ltd Earnings Call (Chinese, English)
Aug 28, 2024 / 02:00AM GMT

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Conference Call Participants
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* Editor

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Presentation
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Unidentified Company Representative_1 [1]
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(interpreted)

Investors and analysts, good morning. Welcome to the 2024 interim results announcement meeting of COSL.

Please first allow me to introduce our Board and management members who are attending this meeting. They are Mr. Weizhou Sun, Chairman and CEO; Mr. Yao Xin, Independent, now, Executive Director; Mr. Zhao Shunqiang, Vice-President and the Board of Secretary; Mr. Qie Ji, Chief Financial Officer; Mr. [Jungshao Ing], General Manager of Drilling Rig business division; Mr. [Tung Hai], Board General Manager of Sport Vessel business divison
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