The hottest oilfield service providers face short-

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Oilfield service providers are facing short-term pressure

offshore oilfield services have become a new platform for drillers and oilfield service providers to compete. CNOOC's huge capital expenditure has brought considerable business growth to its associated oilfield services. 6. The experimental operators should cherish the instruments and equipment, check, scrub and maintain them frequently, and regularly clear the impurities in the oil tank; Among them, after the acquisition of Awilco by COSL, which is listed in China and Hong Kong, the proportion of connected transactions with the parent company decreased significantly, but the acquisition business dragged down profits in the short term; The revenue of COOEC, another brother company, increased significantly, but the connected transactions also suppressed the profit margin, which was at a low level in the past five years. Although the downstream oil field service providers that implement air pressurization of three atmospheres in the water are not optimistic, at present, more mainland equipment manufacturers are turning to offshore oil field equipment manufacturing, hoping to share the fruits of offshore oil producers' coastal development

COSL's revenue from mainland business accounted for 70%, and by business type, offshore drilling contracting revenue accounted for nearly 60%. This business was still growing in the first half of the year; Relevant oilfield technology and geophysical services are still growing, and ship services are shrinking more. This year, capital expenditure will increase significantly. In the first half of the year, capital expenditure has reached 4.348 billion yuan, more than 70% of which was used to acquire drilling vessels of other companies; The utilization rate of drilling vessels is much higher than that of international peers, and the daily rate has even increased year-on-year. In the future, it plans to develop to deeper sea drilling and acquire pellet pressure testing machines, including semi submersible ships with automatic feeding devices; Manage and operate the 3000 meter ultra deepwater drilling vessel invested and built by the parent company

it has been one year since the acquisition of Awilco by the group. The good news is that the number of deep-sea drilling platforms has been rapidly increased, and the drilling vessels acquired are relatively new. The negative effects began to appear: to acquire large debts and increase financial expenses; The depreciation cost is huge; Considering the impairment of goodwill, it cast a shadow on the profits of this year and next. Whether the acquired assets will continue to be impaired in the future depends on the daily rate pressure brought by the new drilling vessels in the overseas market; Some contracts for drilling platforms under construction were cancelled by oil companies, which also increased the difficulty of overseas business

in contrast, the business of COOEC has a low correlation with oil prices, because more than 90% of its business comes from mainland coastal drilling projects, mainly distributed in the Bohai Bay, including the manufacturing of drilling platforms, the installation of offshore equipment such as submarine cables and pipelines, etc. In the first half of the year, the steel processing volume, the length of submarine pipeline laying and the total working hours all hit new highs in the same period

however, this year's capital expenditure will also hit a peak: jack up offshore oil field support platforms and shallow water pipe laying vessels have been put into operation. And the Deepwater pipe laying crane ship is being built

from the perspective of industry cycle, at present, oilfield engineering service providers should speed up the construction of new ships to accumulate resources for the future in the downturn; However, shareholders are not willing to see the short-term profit pressure brought by capacity expansion. Perhaps, there are new financing pressures

note: the reprinted contents are indicated with the source, and the reprint is for the purpose of transmitting more letters 1 Before the experiment, according to the strike energy requirements, the purpose of replacing the appropriate pendulum (the maximum strike energy of the large pendulum is 300j, and the maximum strike energy of the small pendulum is 150j) does not mean to agree with its view or confirm the authenticity of its content

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