Gelonghui, April 12 | Anton Oilfield Services (03337.HK) announced that in the first quarter, geopolitical instability continued to escalate, and the price of Brent crude oil rose by about 15%. Facing the future sustainable development of the oil and gas industry, the Group has launched eight major solutions for the whole process, including overall solutions for oil and gas development, research and optimization solutions for increasing production and efficiency, visual data monitoring solutions, accurate engineering technology solutions for oil and gas development, artificial intelligence solutions for oil and gas development, green oil and gas development asset leasing solutions, and external resource platform service solutions for oil and gas development to meet the sustainable development needs of customers in all aspects and help transform the industry. At the same time, the Group is further deepening its international transformation, making strategic adjustments in all aspects of organization and operation management, continuing to explore the international market, and seeking new project orders.
In the first quarter, the Group added orders of about RMB 2,233 billion, up 31.2% over the same period last year. Among them, the Iraqi market added orders of about RMB 1.33 billion, a significant increase of 163.9% over the same period last year; orders from other overseas markets were about RMB 227 million, an increase of 11.7% over the same period last year; and new orders from the Chinese market were approximately RMB 675 million, down 32.1% from the same period last year.
Overseas markets, Iraq, with excellent oilfield management service records, the Group's integrated oilfield management project was renewed for another year; product services such as drilling rig services, targeted wells, oil field operation and maintenance, and testing also received new project orders, driving the Group's new orders in Iraq to increase sharply by 163.9% year-on-year during the quarter; in other overseas markets, the Group received orders for West African market supervision and supervision services, completion tool sales, and non-destructive testing services.
In the Chinese market, during the quarter, the Group continued to receive multiple orders for the development of unconventional oil and gas reservoirs using precise engineering technology, including the North China unconventional gas well fracturing project, the Xinjiang ultra-deep well gas gas injection project, and the southwest shale gas geological engineering integration project. In terms of innovative products and services, the Group has received orders for projects such as leasing of natural gas purification equipment, gas seal testing, non-destructive testing, and oil casing testing.
As of March 31, 2024, the Group had ongoing orders of approximately RMB 11.275 billion. Among them, the current orders in the Iraqi market are about RMB 4.485 billion, accounting for about 39.8% of the total number of orders in the Group; orders in the other markets are about RMB 1,012 billion, accounting for 9.0% of the Group's total on-hand orders; and the Chinese market's on-hand orders are about RMB 5.778 billion, accounting for about 51.2% of the Group's total on-hand orders.
Note: An on-hand order is the amount of work that management calculates and determines can be performed after a set date based on contracts and agreements signed with customers. On-hand orders will be reduced due to contract execution, and management will also adjust on-hand orders due to unexpected changes in the market.