【2883 RESULTS】CNOOC Services Earnings Up 22% Last Year, Final Dividend of 28.25 RMB Cents, Oil Prices Expected to Remain at Mid-to-High Levels with Volatility

CNOOC Services (02883)
Net profit for the year increased by 22.5% year-on-year to 3.842 billion yuan (RMB); revenue rose by 4.1% to 50.282 billion yuan; earnings per share were 80.51 cents; final dividend was 28.25 cents, up 22.51% from 23.06 cents in the same period last year.

The company explained that during the period, performance remained stable and grew steadily due to continuous improvement in cost control and expansion into new business models such as “Platform+”, “Vessel+”, and “Technology+”, ensuring the stability and safety of the industrial and supply chains.

As of the end of 2025, the company operates and manages a total of 60 drilling platforms, including 46 jack-up rigs and 14 semi-submersible rigs. Of these, 45 drilling platforms are in China, and 15 are in international regions. During the period, drilling services achieved revenue of 14.879 billion yuan, a 12.9% increase compared to the same period in 2024.

Geopolitical conflicts continue to intensify, driving global energy security demands

CNOOC Services expects that this year, the global oil and gas industry will be in a phase of deep cycle recovery and structural transformation. Meanwhile, ongoing geopolitical conflicts are heightening global energy security demands, with supply and demand remaining tightly balanced. The complex geopolitical disturbances have caused oil prices to fluctuate at medium to high levels, laying a solid foundation for the steady development of the oil services industry.

The company will focus on strengthening and optimizing its core domestic offshore oil and gas development needs, continue to increase investment in technological innovation and digital transformation, steadily expand into high-end overseas markets, actively lay out low-carbon transition tracks, and continuously optimize operations and management while strictly controlling costs, striving for stable development.

Source: HKEX Announcement

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