Good afternoon, investors and analysts. Thank you for joining us today for the China Oilfield Services Limited First Quarter 2025 Earnings Conference Call. COSL is one of the world's largest oilfield service providers. Its services cover all stages of oil and gas exploration, development, and production, and are categorized into four main types: geophysical acquisition and surveying services, drilling services, well services, and marine support services. At the same time, the company fully utilizes its advantages in integration capabilities to provide customers with integrated services throughout the lifecycle of oil fields. The company has always been closely tracking the changing trends of the international oil and gas market, firmly grasping the strategic leading position of scientific and technological innovation, constantly refining cost control initiatives, striving to facilitate the domestic and international dual circulation development promotion, and committing itself to the gradual transformation of high-quality equipment and technological capabilities into a high-quality market position in order to strive to return to all shareholders and all sectors of society with new development results. [Foreign language]. Management in attendance today is Mr. Qie Ji, Chief Financial Officer. Today's presentation is divided into two parts. First, Mr. Qie Ji, CFO of the company, will guide you through the company's performance in the first quarter of 2025, after which we will open the floor for Q&A. Now, let me hand over the time to CFO Mr. Qie Ji. [Foreign language]. [Foreign language]. Thank you, management, for the presentation. We will now proceed to the Q&A session. In order to give more investors the opportunity to ask questions, please limit your questions to no more than two per investor. Before asking questions, please inform us of the company you work for and your name. Please note that we will provide consecutive interpretation during the Q&A session. Please allow some time for interpretation after you have asked your questions. Operator, please connect the first investor. Thank you. [Foreign language]. [Foreign language]. First of all, congratulations on your very good results in the first quarter. I have two questions. The first question is in relation to your well services. I realized that for your well services, actually, there was very good year-on-year growth in the first quarter. I would like to know what is the growth rate in terms of your revenue, and also, what about your outlook in relation to gross profit and also your achievement in gross profits. My second question is related to your drilling services segment. In the first quarter, I realized that there is quite a big increase and fast increase in terms of your number of days of operation. So what are the reasons behind that? Thank you. [Foreign language]. Let me first take your question regarding the well services segment. Some time ago, when we had communications with investors in relation to the annual results and annual report for 2024, and also Q1 2025 outlook, we made the explanation already. Now I'm going to repeat similar points in order to answer your question. First of all, in relation to the well services segment, the contribution of this segment in terms of revenue and profit is very important. In fact, this trend started in the second half 2023. It continued in the full year of 2024, and it then continued in the first quarter 2025. Right now, when we look at the full year 2025 investment arrangements of CNOOC, basically we can see that we are going to more or less follow the same pattern in our projection. [Foreign language]. Now, let me comment on your question. First of all, regarding the revenue of the well services segment in the first quarter, on the year-on-year basis, there is a slight increase. In terms of profit, on the year-on-year basis, there is a slight decrease. There are several reasons behind such trends and patterns. First of all, in terms of workload, there is no problem at all. There is increase in workload. Secondly, when it comes to first quarter last year, in terms of sales, we did rather a good job. We were rather advanced in terms of sales in Q1 last year. If you look at Q1 this year, on a year-on-year basis, when you look at sales, profit and revenue contribution, we are actually lagging behind the same period of last year. This is because of normal business arrangements. In this current period, we are going to reinforce and enhance our work in terms of sales of products in scale of the sales, scope of sales of products, categories, and profitability. All these dimensions are very important to us. The third reason why there was such a trend and pattern is that, in terms of equipment, there were some additional expenses. However, these additional expenses will be compensated for by means of insurance later in the period. This year, we're of the view that our gross profit will be on a high level, more or less the same as last year. Thank you. [Foreign language]. Now let me comment on the drilling services segment. Basically, in the first quarter, it is quite in line with our expectations. First of all, if you look at workload, altogether, there were 4,890 days. On a year-on-year basis, it was up 11% or around 500 days. There are two main factors making contribution. First of all, there was contribution from mainland China. In terms of workload, it is rather tight. In fact, there was new equipment input, which had actually boosted the contribution from domestic market. Secondly, there is also contribution from Norway. From Norway, there is a boost or a growth of contribution on a year-on-year basis by around 100 days. These are two positive factors acting together. Even though there was slight impact or a decline in Saudi Arabia, however, such problem or such impact was offset by the positive contribution from Norway. In terms of daily rate, because of the semi-submersible rigs in Norway, which was the result of customers' decision to make replacement. This is again a positive and favorable factor. With these two factors in force, our drilling services segment saw very positive growth trend in terms of profitability. [Foreign language]. [Foreign language]. Thank you very much. I have two questions. First of all, the first question is about utilization of your production capacity. So, the utilization of capacity was high. Last time when we saw such a high level of capacity utilization was in 2014. Now, in the first quarter, we can see that it is, even though it is low season, still your capacity utilization was so remarkable. So if you look to what the remaining quarters in 2025, what do you think will be the outlook in terms of your workload and capacity utilization? Are you going to reach full utilization of capacity as in what we saw in the previous period that I mentioned just now? The second question is related to your cash management. We can see that you have been lowering or reducing your debts and liabilities. In Q1, we saw a decrease in interest expenses. In the future, to what level do you want to see your finance costs decrease to in order for you to consider some other ways of using your cash, for example, by means of increasing shareholders' returns? Thank you. [Foreign language]. First of all, let me comment on our capacity utilization. In the first quarter, our capacity was at a high level, a relatively high level in recent years indeed. Overall speaking, I think this is a result of a number of factors. First of all, because of the positive situation in Norway. At the same time, the suspension of operation in Saudi Arabia also was one of the factors. At the same time, there was relatively good progress in terms of the work interface in mainland China. This is good progress on a year-on-year basis. Last year, there were some issues in relation to the use of the sea or the ocean, but this year, we no longer have seen this issue anymore. [Foreign language]. If we turn to our drilling segment, we believe that, for a short period of time, for shorter term, that would be some normal or regular replacement and revamp of equipment and also some repair operations as well. But basically the plan will be of a high level in this regard. In this segment, the biggest variable or the biggest influencing factor will be the weather. For instance, in Q4 last year, there were some weather impacts, but still we believe that it is going to stay at a high level. If you turn to our marine support services segment, we believe that we are going to see a high level for the geophysical acquisition and surveying services segment. We believe that we are trying to identify and find some overseas contracts. For mainland China, the South China Sea, we envisage that the workload is going to increase. All in all, speaking, we believe that there would be a normal operation in terms of our capacity. [Foreign language]. Now let me comment on our interest expenses. In the first quarter, on a year-on-year basis, interest expenses increased by RMB 17 million. That is because last year we took the opportunity to repay some external debts. In Q1 this year, this is the reason why our profit growth is better than our revenue growth. In terms of our interest expenses for the whole year, we believe that we will continue to achieve savings. But then this amount of savings will evolve gradually, in the one-year period. That is to say, it is not going to be equal to the amount now multiplied by four. [Foreign language]. Now then I will talk about your question in relation to offering better shareholder return. On this point, we have to look at the situation this year in relation to our repayment of debt and also the arrangement concerning refinancing. After making arrangement in relation to debt structure, we will then take into consideration our cash position, our operations, the changes in our capex, especially in relation to our technology segment. After considering all these, we will then decide on what plan or what arrangement to make in relation to shareholders' return. [Foreign language]. [Foreign language]. [Foreign language]. I have two questions to ask. In the past one month, there were a lot of shocks and volatility in the international scene, so there was huge fluctuations in international oil price. Besides, there was the increase or the imposition of tariffs by the U.S., and all these have added to the uncertainty internationally. We have seen a decline of oil price from $75 to $60. What will be the impact on your company's operation? My second question is in relation to Mexico. Last year, there was the additional payment of tax in relation to Mexico, and also there was the sale of assets by CNOOC as well. What do you think will be the impacts or possible risk arising from the operations in relation to Mexico? Thank you. [Foreign language]. First of all, to answer your question concerning oil price, it is true that there were huge fluctuations in oil price and also in tariff policies. Recently, we have seen the decline of oil price down to $60, but then, because of the news of production decrease, recently, the oil price has risen back to $70 in the current period. Overall speaking, our company's production and operations have been normal, so we have not been impacted by such fluctuations in oil price and tariff. [Foreign language]. Our company will very closely monitor the changes both internally and externally, and then in turn we will make adjustments to our operation strategies in order to defend, or to combat, the pressure on our company from tariff or oil price. [Foreign language]. Our company is an oil fuel services supplier globally. In other words, when there are different types of risk globally, we have to face up to all such risk. This is very fundamental concerning the future growth of our company. [Foreign language]. I think what we have to do is to do a good job ourselves. We need to see our core in relation to having our operations led and driven by technology. We have to continue to walk on this path in a very steadfast manner. Secondly, what we have to achieve is to lower cost and improve efficiency. Efficiency in terms of utilization of our manpower, efficiency in terms of utilization of equipment. With such enhancement in terms of efficiency, will we be able to continue to achieve improvements in our operations? [Foreign language]. The next thing we need to do is to address the issues from an external point of view. First of all, we have to very prudently manage our customers. For those customers who are too easily affected by geopolitical impact, we have to be very prudent in our consideration. Secondly, we believe that we should go for those companies or customers that are larger in scale, those with stronger strength. At the same time, those that are large, state-owned enterprises. Those are our main focuses in terms of customers to cooperate with. We'll attach more importance to the signing of long-cycle contracts in order to face up to all these external volatilities and fluctuations. [Foreign language]. [Foreign language]. [Foreign language]. I have two questions to ask. The first question is in relation to your profits tax. Looking at your profit tax expense divided by your profit before tax, it is 17% this year. However, last year it was 25%- 30%. I would like to know whether this decrease is a short-term phenomenon or that this year you are going to see the same decrease as well. Concerning the decline in your R&D expenses, is this a temporary or short-term issue or, for this year, full year, are you going to see a similar decline in your R&D expenses as well? The second question is in relation to the plan of the parent company to increase shareholding. Some time ago, there was the saying about parent company increasing shareholding with RMB 300 million-RMB 500 million R&D. What is the progress so far of such increase in shareholding plan? Besides, I understand that the parent company's holding of Hong Kong shares is relatively small in percentage. For this increase in shareholding, is it going to be done at the same time for both H shares and A shares at the same time, or is it only going to be with H shares? [Foreign language]. Let me first comment on profit tax. Actually, I am also rather concerned about whether this trend of profit tax over profit before tax ratio can sustain. Well, so far, if you look at the tax rate, there has not been a significant or material change. As I said earlier, this year, in terms of our net profit and total profit, its growth is better than our revenue growth. One factor is because of the decrease in interest expenses, so making a good contribution. Another factor that has made good contribution to our profit is Norway. Norway has made positive contribution because actually last year, Q1, Norway still made a loss. However, this year, the loss has been reduced. It has actually approached breakeven. So this is a very favorable contribution from Norway to our overall profitability. [Foreign language]. When it comes to the big growth year- on- year, we believe that the contribution from interest expenses as well as from Norway is going to be normal. These factors will continue to make contribution to our full year results. However, there would be change and fluctuations in different quarters. In Q1, our net profit was relatively better. There is some timing issue here. In other words, there are some differences in terms of the time period and timing. Such differences may not continue or may not happen equally for the whole year. I would like to remind investors to keep normal or regular expectations in relation to our result estimates. [Foreign language]. Regarding R&D expenses, in Q1, it was more or less flat. It remained more or less the same. For the whole year, we believe that there is going to be a slight increase, year- on- year. This is only basic, fundamental. [Foreign language]. Concerning the increase in shareholding, it is true that the parent company had mentioned the amount of RMB 300 million -RMB 500 million. Within one year period, there would be an increase in shareholding for H shares and for A shares and H shares. There was that announcement being made. However, when we indeed reach the level where disclosure is required, we will make disclosure as required accordingly. Whether or not it would be with A shares or H shares, that is up to our majority shareholder to decide. [Foreign language]. [Foreign language]. [Foreign language]. I have a question concerning Norway. First of all, if we look at the utilization and operation in Q1, workload has been quite full in terms of number of working days. I would like to know when work actually started in Q2 and Q3. What will you envisage is the number of working days? Is it going to increase? Then there is a vessel from the U.K. to Norway. When would it start to work? What about the work in Brazil? When will that contract start? What will be the overall time schedule for work? [Foreign language]. In relation to the operations in Norway, in the first quarter, there are altogether four semi-submersible rigs. Apart from one, which has actually gone through an inspection and revamp or work over, spending the year, spending the new year, that was an impact by 15 days. Apart from that, for the remaining three rigs in the first quarter, they are all in working condition. For the whole year, to different extents, these rigs may go through BOP or AoC repair and work over works. That would, but these would be short-term in nature. [Foreign language]. When it comes to the operations in Brazil, the vessel Nan Ba had already reached Brazil. Well, it has to go through some pre-marine operation preparation, tests and inspections, and so on and so forth. But the overall situation is within our control. [Foreign language]. [Foreign language]. [Foreign language]. [Foreign language]. My question is that in the first quarter, the utilization of rigs has increased. What is the trend of the daily rate? Actually, for different, for example, for domestic as well as for overseas, we have seen new highs in relation to daily rates. What do you think will be the future outlook of the rates? Thank you. [Foreign language]. If we look at the daily rates related to oil field services in the first quarter, basically there is a slight increase. If you look at overall fluctuations in daily rates, well, they are actually affected by the type of vessels and also the region or the location of the vessels' operations, as we explained earlier when we communicated with investors last time. [Foreign language]. This year, when it comes to daily rates, we believe that there is a positive trend amidst stability. Basically, the best contribution is from semi-submersible rigs overseas. So they have achieved rather significant growth. Just now you mentioned that in terms of the global daily rates, they are on the high. Basically, there is some timing difference here. If you look at Southeast Asia, there is a small decline, really. [Foreign language]. I can give you an example. For example, when it comes to ultra deep water, comparing the end of February and the end of March, there is a decline by around $160,000, from $635,000 down to $478,000. So there is a small decline in deep water and also the jack-u p rigs. If you turn to Middle East, it is more or less the same as the previous period. For North Europe, again, it's rather flat. It is only in Southeast Asia and in ultra deep water that there was a bigger decline. [Foreign language]. When it comes to our companies' drilling vessels, well, they are all covered by contract. So the first thing is for us to implement and execute the contracts well. At the same time, we also need to find and identify some possible potential contract renewal targets or potential possibilities. [Foreign language]. Thank you for your questions and the management's detailed answers. Thank you for your attention and support for China Oilf ield Services Company. Due to time constraints, this earnings conference call is coming to an end. If you still have further questions, please feel free to contact the company anytime. Our meeting will be concluded here. Thank you.