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2005 Operating Review & 2006 Strategy
outline
2005 Operating Review & 2006 Strategy
outline
January, 2006 January, 2006
China Oilfield Services LimitedChina Oilfield Services Limited
22
The information contained in our presentation is intended solely for your personal reference. In addition, such information contains projections and forward-looking
statements that reflect the Company’s current views with respect to future events and financial performance. These views are based on assumptions subject to various risks.
No assurance can be given that future events will occur, that projections will be achieved, or that the Company’s assumptions are correct. Actual results may differ
materially from those projected.
The information contained in our presentation is intended solely for your personal reference. In addition, such information contains projections and forward-looking
statements that reflect the Company’s current views with respect to future events and financial performance. These views are based on assumptions subject to various risks.
No assurance can be given that future events will occur, that projections will be achieved, or that the Company’s assumptions are correct. Actual results may differ
materially from those projected.
3
2005 Operating Review
44
Drilling
As of December 31st 2005 2004 Change
Wells Drilled (No. of Wells) 246 241 2.1%
Exploration wells 56 55 1.8%
Development wells 190 186 2.2%
O perating Days (day) 4604 4519 1.9%
Jack-up 3739 3488 7.2%
Semi-Submersible 865 1031 -16.1%
Utilization Rate based on Available Day 98.0% 98.8% -0.8%
Jack - up 98.9% 98.4% 0.5%
Semi-Submersible 94.2% 100.0% -5.8%
Utilization Rate based on Calendar Day 90.1% 94.2% -4.1%
Jack - up 93.1% 94.3% -1.2%
Semi-Submersible 79.0% 93.9% -14.9%
Well Workover (team .day) 8483 7315 16.0%
55
Well Services
As of December 31st 2005 2004 change
Logging (No. of jobs) 698 585 19.3%
Drilling Fluids (No. of wells) 368 292 26.0%
Directional Drilling (No. of Jobs) 210 191 9.9%
Cementing (No. of wells) 249 236 5.5%
Well Compeletion (No. of Jobs) 1233 1057 16.7%
66
Marine Support & Transportation (MS&T)
As of December 31st 2005 2004 change
Operating Day (days) 23,220 21,806 6.5%Stand by vessel 13,193 11,400 15.7%AHT vessel 6,411 6,339 1.1%PSVs 2,217 2,471 -10.3%Utlity Vessel 1,399 1,595 -12.3%
Utilization Rate based on Available Day 98.7% 98.8% -0.1%Stand by vessel 99.3% 98.8% 0.5%AHT vessel 99.1% 99.6% -0.5%PSVs 99.5% 99.9% -0.4%Utlity Vessel 90.3% 93.7% -3.4%
Utilization Rate based on Calender Day 93.6% 96.3% -2.7%Stand by vessel 95.9% 96.2% -0.3%AHT vessel 92.4% 96.7% -4.3%PSVs 96.8% 96.5% 0.3%Utlity Vessel 76.6% 93.7% -17.1%
77
Geophysical Services
As of Decembe 31st 2005 2004 change
2D Seismic Data
Data Collection (km) 46,166 43,226 6.8%Data Processing (km) 15,746 19,696 -20.1%
3D Seismic Data
Data Collection (km2) 3,693 3,076 20.1%
Data Processing (km2) 2,843 2,273 25.1%
8
2006 Strategy Preview
99
Capitalize The Growth Opportunities
Winning Strategies pave the way for sustainable growth
Technology driver
International International penetrationpenetration
Competitive cost structure
Integrated Solution
Core Competitiveness
1010
Continuous and disciplined Capital Expenditure
Comprehensive capacity growth in all business lines
2006 Capital Expenditure Estimates
Drilling Well Services Marine Support & Transportation Geophysical
856
1560194
500
450
620
1476
196109
112
244
120
0
500
1,000
1,500
2,000
2,500
3,000
2004 2005 E 2006 budget
(RM
B m
m)
1,612
2,025
2,800
RMB 2.8 billionRMB 2.8 billion CAPEX for 2006 budgeted CAPEX for 2006 budgeted
1111
Exploration Program offshore China expect to remain strong and extensive
Sustainable secular potential for development capex As of Dec. 2005, 12 wildcat and appraisal new discoveries had been made
offshore China since 2004
Stable growth of Operating expenditure 9 new oilfields started production in 2005 7 more to come on stream in 2006 Maturity of existing production fields
Further promotion of IPM (Integrated Project Management) project
Extended business scope for MS &T segment 1+2 Chemical carrier
Offshore China Market
Offshore China remains to be the anchor market for COSL in 2006
1212
Enhance corporate branding in international arena
COSL is to rely on:High quality services
Top HSE (Health, Safety and Environment protections) standard
Outstanding operation track record
Win-win approaches with customers
Capitalize on overseas development opportunity of CNOOC Ltd.
Comprehensive and long term preparation in terms of manpower, equipment and technology development and management skills
Right industry cycle for geographical expansion
1313
Sound Track Record & Future
2,3662,726
3,062
3,824
1,797
2,373
0
1000
2000
3000
4000
2001 2002 2003 2004 1H 2004 1H 2005
RMB mm
3-year revenue CAGR =17.4%
3-year revenue CAGR =17.4%
1414
Sustainable and Accelerating Growth
• Hold firm of current market share offshore China• Penetrating into target overseas markets
•RMB 2.8billion capex budgeted•1 new jack-up& 2 chemical carriers to be delivered
•Optimize balance sheet and capital structure via external financing activities• Aim to enhance ROE and shareholders’ return
•Maintain operating margin at similar level•Keep cost side leading position among global peers
•Maintain high standard
Financial Management
Cost Management
QHSE
Capacity
Market Strategy
1515
THANK YOUwww.cosl.com.cn
2883.HK
THANK YOUwww.cosl.com.cn
2883.HK