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2020 ANNUAL REPORT Company Profile

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2020 ANNUAL REPORT Company Profile Endeavour Together to Achieve More 2020 ANNUAL REPORT Company Profile OUR PERFORMANCE In 2020, COSL provided clients with single, bundled, integrated and general contracting business services in each phase of exploration, development and production of oil and gas through business in four main segments (drilling services, well services, marine support services and geophysical acquisition and surveying services). Furthermore, the Company’s performance in some broaden operating aspects such as society and environment has also fulfilled INTRODUCTION its expectation (details please refer to Financial Statements and Sustainability Report). China Oilfield Services Limited (the “Company”, the “Group” or “COSL”), listed on Hong Kong PROSPECT Stock Exchange (HK stock code: The Company has steady market share in the China market and actively 2883) and Shanghai Stock expands the overseas markets in the regions including Asia Pacific, Middle East, America, Europe, Africa and the Far East, which provides a sturdy Exchange (Shanghai stock code: platform for continuous business development. 601808), is one of the leading integrated oilfield services Oilfield service industry has made us facing challenges and risks varies from place to place, including uncertain political and legal environment as providers in the world. Its services well as the risks coming from deepwater and overseas operation. COSL has cover each phase of oil and gas rich experiences in oilfield services. With a better understanding on China exploration, development and market, and strict risk management policy, we believe that we will seize the opportunities and overcome the challenges. production. CORPORATE GOVERNANCE Corporate governance of COSL includes not only those set out in the Corporate Governance Code of Appendix 14 to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited, the Company Law of PRC and the Articles of Association of the Company, but also stricter and self-established standards. STRATEGIC TARGET COSL aims at becoming an international first-class oilfield services provider. To achieve this, the Company insists on working in a sustainable operating model, targets on balancing the development of economic, society and environment endeavors to provide our clients with safe, high quality, effective and eco-friendly services, striving for a win-win benefit with our shareholders, clients, staff and business partners. i CHINA OILFIELD SERVICES LIMITED ANNUAL REPORT 2020 Content 1. Company Profile .......................... i Endeavour 2. Business Overview ......................... 2 Together to Achieve More 3. Financial Highlights ....................... 3 4. Chairman’s Statement ...................... 4 5. President’s Report ......................... 6 2020 ANNUAL REPORT 6. Management Discussion and Analysis.......... 8 7. Corporate Governance Report . 30 8. Summary of General Meetings ............... 42 9. Sustainability Report 2020 .................. 45 10. Directors, Supervisors, Senior Management and Employees . 103 11. Report of the Directors ..................... 117 12. Supervisory Committee Report ............... 135 13. Significant Events ......................... 138 14. Independent Auditor’s Report and Financial Statements Prepared in accordance with Hong Kong Financial Reporting Standards.............. 141 15. Company Information ...................... 253 16. Documents for Inspection ................... 254 17. Glossary . 255 CHINA OILFIELD SERVICES LIMITED ANNUAL REPORT 2020 1 Business Overview COSL not only provides oilfield services of single operation for the customers, but also offers integrated project and one-stop solution services. 2020 PERFORMANCES Total revenue: DOMESTIC RMB million 28,925.3 The Company maintains the leading position in China oilfield services market and provides services in drilling services, well services, marine Profit from operations: support services and geophysical acquisition and surveying services. RMB million 4,141.9 Profit for the year: INTERNATIONAL In 2020, the Company achieved breakthroughs in exploring new RMB million businesses, markets and customers on the basis of the traditional 2,718.3 international operation markets. Asia Pacific region: Businesses involve geophysical services, drilling, Basic earnings per share: logging, directional drilling, cementing, drilling & completion fluids, well completion, work-over services, stimulation, marine support services and product sales. RMB cents/share 56.65 Middle East region: Businesses involve drilling, logging, directional drilling, cementing, drilling & completion fluids, well completion, work-over services, stimulation and product sales. Total assets: America region: Businesses involve drilling, cementing, drilling & completion fluids, logging, geophysical services, marine support RMB million 75,942.3 services and product sales. Europe region: Businesses involve drilling services and related services. Total equity: Africa region: Businesses involve geophysical services. The Far East region: Businesses involve drilling services and related RMB million services. 38,688.8 2 CHINA OILFIELD SERVICES LIMITED ANNUAL REPORT 2020 Financial Highlights Unit: RMB million 2020 2019 Change % Revenue Domestic revenue 21,513.5 24,159.9 (11.0) International revenue 7,411.8 6,915.9 7.2 Total 28,925.3 31,075.8 (6.9) Operating expenses (25,221.4) (27,532.7) (8.4) Profit from operations 4,141.9 3,895.2 6.3 Profit before tax 3,378.7 3,472.2 (2.7) Income tax expense (660.4) (944.2) (30.1) Profit for the year 2,718.3 2,528.0 7.5 Basic earnings per share (cent/share) 56.65 52.44 8.0 Net assets per share (RMB/share) 8.1 7.7 5.2 Ratio Return on equity (%) 7.2 7.1 Return on asset (%) 3.6 3.4 Gearing ratio (%) 42.9 47.7 Price/Earnings ratio 9.7 20.9 Dividend yield (%) 3.1 1.5 Dividend payout ratio (%) 30.0 30.5 Notes: 1. Return on equity = Net profit for the year/(total equity in the beginning of the period + total equity at the end of the period)/2 2. Return on asset = Net profit for the year/Average total assets 3. Gearing ratio = Net debt at the end of the period/(total capital at the end of the period + net debt at the end of the period) 4. Price/Earnings ratio = Closing share price of H shares on the last trading day of the year/Earnings per share 5. Dividend yield = Dividends per share/Closing share price of H shares on the last trading day of the year 6. Dividend payout ratio = Dividends/Earnings attributable to ordinary equity holders of the Company during the year FIVE-YEAR FINANCIAL POSITION REVIEW Unit: RMB million Change over the same period Major financial data and indicators 2020 2019 last year 2018 2017 2016 (%) Revenue 28,925.3 31,075.8 (6.9) 21,886.6 17,458.6 15,085.5 Profit/(loss) from operations 4,141.9 3,895.2 6.3 643.5 1,468.0 (11,367.7) Profit/(loss) for the year 2,718.3 2,528.0 7.5 88.7 80.9 (11,459.5) Basic earnings/(loss) per share (cent/share) 56.65 52.44 8.0 1.48 0.90 (240.09) Change over the end of the same As at the As at the period last As at the As at the As at the end of 2020 end of 2019 year end of 2018 end of 2017 end of 2016 (%) Total equity 38,688.8 36,910.3 4.8 34,677.4 34,687.5 35,296.4 Total assets 75,942.3 76,101.8 (0.2) 74,687.0 73,941.3 80,544.1 CHINA OILFIELD SERVICES LIMITED ANNUAL REPORT 2020 3 Chairman’s Statement 1. STRATEGY IMPL1EMENTATION AND HIGH-QUALITY DEVELOPMENT In 2020, through the implementation of the medium and long-term development strategy, the Company achieved partial results in high-quality development, the core position of innovation was significantly improved, and the level of governance modernization was further elevated. In 2021, the Company will continue to focus on “technical and international development” strategy, implement the arrangements in “five-pronged approach”, accelerate the establishment of a “dual circulation” development pattern in which domestic circulation plays a principal status while domestic and international dual circulation remains mutual promotion, and comprehensively promote the Company’s high-quality development. First, the Company will implement the green and low- carbon concept, accelerate the exploration of new energy transformation, and promote the optimization and upgrading of the industrial structure with new energy security strategies; Second, the Company will practice innovation-driven development strategies, precisely match resources and stimulate innovations, and promote key core technology research and result transformation at full speed, focusing Qi Meisheng on the improvement of core competitiveness; Third, the Chairman Company will further improve the risk emergency mechanism, continue to enhance the ability to resist risks, steadily improve Dear Shareholders, corporate governance efficiency and level, and regard lean cost control advantages as the core competitiveness and the In 2020, affected by the global climate policy, international driving force for sustainable development. oil and gas companies accelerated their business expansion in green industries, and the low-carbon development trend of 2. CORPORATE GOVERNANCE the energy industry emerged. The Company accurately grasped OPTIMIZATION AND INTERNAL the trend of energy transformation, deepened its technological CONTROL MANAGEMENT development strategy, and promoted the upgrade of green ENHANCEMENT and low-carbon equipment. Faced with the dual challenges In 2020, the Company paid close attention to the of COVID-19 pandemic (hereinafter “Pandemic”) and low implementation of new securities
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