CNOOC Oil Services (02883) is now down more than 4%. As of press release, it is down 4.69% to HK$8.54, with a turnover of HK$139 million.
The Zhitong Finance App learned that CNOOC Services (02883) is now down more than 4%. As of press release, it is down 4.69% to HK$8.54, with a turnover of HK$139 million.
According to a report published by UBS, CNOOC Services' net profit for the first quarter was 636 million yuan, an increase of 57% year-on-year, slightly exceeding market expectations and in line with the bank's expectations. According to the bank, the company has been expanding overseas. A Norwegian semi-submersible drilling platform will be put into operation from July to August. Regarding the shutdown of drilling platforms in the Middle East, the company is actively exploring opportunities in other regions.
Bank of America Securities said that CNOOC's four jack-up drilling platforms in Saudi Arabia will be suspended from the second quarter of this year. The shutdown period will last for 12 months without any compensation. At that time, the company will only continue to operate about 2 to 3 drilling platforms locally, and management also anticipated that the company's profit could be reduced by about 400 million yuan as a result. The bank said it remains cautious about the long-term negative effects of CNOOC Services and decided to set its target price for H shares at HK$9.3 to maintain the “outperforming market” rating.