China Oilfield Services Limited (COSL) released its audited results for the 12 months ended 31 December 2025, posting solid top-line growth and a sharp increase in profitability.

Revenue rose 4.1% year-on-year to RMB50.21 billion, while profit from operations advanced 17.2% to RMB5.92 billion. Profit before tax reached RMB5.11 billion, up 9.6%, and net profit attributable to shareholders increased 19.4% to RMB4.06 billion. Basic earnings per share improved to RMB0.8051 from RMB0.6574.

By segment, drilling services generated RMB14.88 billion (+12.9% YoY) with operating profit of RMB1.47 billion (+293.9%), benefiting from higher rig utilisation and stronger day rates in the North Sea. Well services remained the largest contributor, booking revenue of RMB27.45 billion (-0.6%) and operating profit of RMB4.24 billion (-5.7%). Marine support services delivered RMB5.19 billion in revenue (+9.0%) and RMB0.13 billion in operating profit (+17.4%). Geophysical acquisition and surveying services recorded revenue of RMB2.69 billion (+0.9%) and operating profit of RMB0.09 billion (+12.6%).

Total assets stood at RMB84.46 billion, with equity of RMB47.15 billion at year-end. Cash and cash equivalents increased to RMB7.46 billion, supported by RMB11.26 billion of net operating cash inflow. Capital expenditure for the year was RMB5.59 billion, down 23.6% from 2024. Net interest-bearing bank borrowings rose to RMB4.13 billion, while outstanding long-term bonds fell to RMB5.17 billion after scheduled repayments.

The Board proposes a final dividend of RMB0.2825 per share, amounting to approximately RMB1.35 billion, subject to shareholder approval at the 2025 AGM.

Management plans 2026 capital expenditure of about RMB8.44 billion, prioritising equipment upgrades, technology development and international expansion to sustain growth across core offshore service lines.