HK Stock Market Move | China Oilfield Services (02883) fell more than 4% after its performance report, indicating a possible decrease in the order volume of its parent company, OilTech Services. The impact of the suspension of ships has largely dissipated.

China Oilfield Services (02883) fell more than 4% after the performance announcement, dropping by 4.02% to HK$7.4 with a turnover of HK$1.18 billion as of press time. In terms of news, CHINA OILFIELD released its mid-term performance. The group generated revenue of RMB 23.32 billion, a year-on-year increase of 3.51%; the attributable profit to owners of the company was RMB 1.96 billion, a year-on-year increase of 23.33%; basic earnings per share were 41.16 cents. CICC released a research report indicating that Oilfield Services revenue decreased by 3.5% year on year to RMB 12.38 billion, with an operating profit margin remaining relatively stable at 17%. The parent company's Oilfield Services order volume may slightly decrease year-on-year. The report pointed out that the drilling operating profit of the company in the first half of the year significantly improved compared to 2024, with an operating profit margin increasing by 4 percentage points to 9% year on year. In the second quarter, the number of operating days continued to recover, increasing by 11% year on year to 5017 days, with semi-submersible utilization days increasing by 12% and a month-on-month increase of 2%. The report judged that the impact of the Middle East drilling suspension from the second half of 2024 to the first half of 2025 has basically dissipated, and the company's contracts in Southeast Asia and Brazil are expected to bring higher daily rates and profits.