China Oilfield Services Limited (02883) saw its share price rally more than 3% during the morning trading session, with the stock climbing 3.32% to HK$7.615 at the time of writing. Trading volume reached HK$53.55 million during this period.

The company recently released its interim results, posting revenue of RMB 23.787 billion for the first half of the year, representing a 2.0% year-on-year increase. Net profit attributable to shareholders reached RMB 2.009 billion, up 2.3% compared to the same period last year.

Notably, revenue from the drilling services segment came in at RMB 7.477 billion in the first half, marking a 3.3% year-on-year improvement. The semi-submersible platform operating days increased by 11.4% year-on-year, while average daily revenue climbed to US$176,000, setting a new periodic high.

JPMorgan released a research note indicating expectations that the market will respond positively to China Oilfield Services' second-quarter performance. The bank anticipates that the company's earnings will maintain a positive growth trajectory in the second half of 2026, underpinned by the highest rig utilization levels seen since the end of 2024. Additionally, the recovery trend in global offshore oilfield services demand and day rates since June 2024 is expected to extend into the latter half of the year. The firm has maintained its "Overweight" rating on the stock.