OREANDA-NEWS. May 04, 2011. China Oilfield Services Limited (“COSL” or the “Group”) announced its unaudited results for the three months ended 31 March 2011. During the first quarter of 2011, the Group proactively met with competitions from the market, strived to explore domestic and overseas new markets while reinforcing its presence in existing markets, and strengthened its control over risks. Revenue for the first quarter of 2011 were RMB3,809.4 million, down 3.1% from RMB3,930.7 million in the last corresponding period. Net profit for the quarter was RMB967.1 million, down 1.0% from RMB977.3 million in the last corresponding period. Basic earnings per share were RMB21 cents, reported the press-centre of COSL.

On drilling services, a total of 2,225 operating days were achieved by the Group’s drilling fleet during the three months ended 31 March 2011, up 110 days or 5.2% from the last corresponding period. Jack-up rigs achieved 1,997 operating days, up 86 days from the last corresponding period due to the 102 extra operating days added by the four new rigs including COSL921, COSL922, COSL936 and COSL937, while other vessels achieved 16 fewer operating days due to sluggish market conditions. Semi-submersibles achieved 228 operating days, up 24 days from the last corresponding period as 24 fewer days were spent in maintenance.

In response to market situations the available day utilization rate for the quarter reached declined 5.7 percentage points from the last corresponding period to 94.3%. Meanwhile, amid the reduction in number of days spent in maintenance contributed to a small year-on-year growth in the calendar day utilization rate to 92.6%.

In addition, the Group’s two accommodation rigs achieved 100.0% calendar day utilization during the period. The four module rigs operating in Mexico achieved 115 operating days in aggregate, down 244 days year on year and representing a calendar day utilization rate of 31.9%. The 6 land rigs operating achieved 355 operating days during the period, down 185 days due to the instability in Libya as the Group suspended its Libya operations at the end of February. Thus, the calendar day utilization rate of these 6 land rigs dropped to 65.7%.

Revenue for the well services segment reported a decline from the last corresponding period due to unfavorable market conditions.

On marine support and transportation services, a total of 6,620 operating days were achieved during the period, up 40 days or 0.6% from the last corresponding period. The calendar day utilization rate for this segment was 98.5% for the quarter, up 4.6 percentage points from the last corresponding period, due to a reduction in number of non-operating days.

In geophysical services, volumes of both 2D and 3D seismic data collection both saw increases during the period. The volume of 2D seismic data collection surged 444.2% year on year to 5,540 km due to proactive avoidance of windows of non-operation in Bohai waters as the Group sent vessels to operate in South China waters and overseas, as well as a reduction in time spent in maintenance. The volume of 3D seismic data collection grew 11.2% year on year to 1,992 km2 as the newly launched submarine cable business added an extra volume of 101 km2. For the data processing operations, the volume of 2D seismic data processed for quarter rose 373.5% year on year to 2,237 km while the volume of 3D data processed also grew 44.1% to 401 km2.

COSL Group CEO and President Mr. Li Yong said:“Under the complex market environment, COSL managed to maintain a steady growth during the first quarter of 2011 despite the impact brought from the operation schedule adjustments of major domestic clients. With operation commencement in the second quarter, we expect the market conditions will be further improved.”