Anton Oilfield Services Group released an unaudited operational update for the first quarter of 2026, highlighting lower order intake but a still-solid backlog as geopolitical turbulence weighed on overseas awards.
Order Momentum • Total new orders were RMB 1.39 billion, down 20.30% year-on-year. • Iraq contributed RMB 611.20 million (-12.70%), supported by wins in energy project management, stimulation, and digital services despite tender delays. • Other overseas markets generated RMB 47.90 million (-85.30%) as Middle East conflict curtailed activity in Algeria, Chad, and Kazakhstan. • Domestic China orders edged up 1.80% to RMB 728.40 million, driven by drilling, stimulation, and natural-gas/new-energy infrastructure contracts.
Execution and Operations • The Strait of Hormuz closure delayed some Iraqi projects, yet light-asset energy project management services remained largely on schedule. • The first exploration well at Dhufriyah oilfield spudded on 22 February and is progressing steadily. • African drilling-fluid operations earned commendations for performance, while Chinese projects saw early completions and advances in intelligent drilling solutions. • Launch of the FiberMind fiber-optic monitoring platform and successful expansion of T-ALL Inspection’s Eddy Current Testing capability underscored the Group’s technology focus.
Order Backlog (31 March 2026) • Total backlog: RMB 16.92 billion – Iraq: RMB 7.07 billion (41.80%) – Other overseas: RMB 1.57 billion (9.30%) – China: RMB 8.28 billion (48.90%)
Management Initiatives • Activated overseas safety contingency measures following US-Israel-Iran hostilities, prioritising personnel security. • Advanced digitalisation with company-wide AI training, rollout of production command and SOP systems, and ongoing Amoeba management reform. • Strengthened global financing, tightened procurement oversight, and refreshed supplier base to enhance cost control and execution efficiency.
Q2 2026 Outlook The Group expects geopolitical risk in the Middle East to abate, enabling accelerated production recovery by major oil producers. Strategic focus areas include: 1) Driving oilfield resumption and enhancement in Iraq; 2) Pursuing post-conflict reconstruction opportunities in GCC, North Africa, and Southeast Asia; 3) Expanding Chinese service bases and profitability through refined operational control and cost optimisation; 4) Deepening AI-enabled management, talent globalisation, and supply-chain efficiency.
Management cautions that actual performance will depend on market and financial conditions and that quarterly data are unaudited and subject to revision.