Macquarie: Early termination of two drilling platform contracts lowers CNOOC's (02883) target price to 8.6 Hong Kong dollars.

According to the Wisdom Financial APP, Morgan Stanley released a research report stating that Saudi Aramco has terminated the contracts for two drilling platforms of China Oilfield Services (02883), namely COSL Boss and Offshore Oil 936, ahead of schedule. Currently, both drilling platforms are located at a shipyard in Saudi Arabia with no further contract commitments, and compensation has not yet been determined. The bank has lowered the target price of China Oilfield Services by 29% to 8.6 Hong Kong dollars based on the Sum of the Parts valuation method (SOTP). However, considering a 29% implied total return rate, the bank maintains its "outperform" rating.