Earnings release
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CHINA OILFIELD SERVICES LIMITED (A joint stock limited company incorporated in the People’s Republic of China with limited liability) （Stock Code：2883） OVERSEAS REGULATORY ANNOUNCEMENT —THIRD QUARTERLY RESULTS This announcement is made pursuant t o Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The financial data of Third Quarterly Report for 20 26 of the Company is prepared in accordance with PRC Accounting Standards for Business Enterpris es and has not been audited. This announcement is prepared in both Chinese and English. In the event of any discrepancy between the two versions, the Chinese version shall prevail. 23 October 2026 As at the date of this announcement, the executive directors of the Company are Messrs. Liu Jianzhong (Chairman) and Shang Jie; the employee representative director of the Company is Mr. Xiao Jia; the non-executive directors of the Company are Mess rs. Fan Baitao and Liu Qiudong; and the independent non-executive directors of the Company are Ms. Chiu Lai Kuen, Susanna, Messrs. Kwok Lam Kwong, Larry and Yao Xin.
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China Oilfield Services Limited 2026 Third Quarterly Report 1 / 11 Stock code: 601808 Stock short name: COSL China Oilfield Services Limited 2026 Third Quarterly Report The board of directors and all directors of the Company warrant that there are no misrepresentations, misleading statements or material omissions in this announcement, and accept legal responsibilities for the truthfulness, accuracy and completeness of the contents of this announcement. Important Notice: The board of directors (the “Board”), and the directors and senior management of China Oilfield Services Limited (the “ Company”) assure for the truthfulness, accuracy and completeness of the contents of the quarterly report, confirm that there are no misrepresentations, misleading statements or material omissions in the quarterly report and accept individual and joint legal liability. Person in charge of the Company, person in charge of the accounting work, and person in charge of the accounting office (the accountant in charge), have declared that they assur e for the truthfulness, accuracy and completeness of the financial information in the quarterly report. Whether the third quarterly financial statements have been audited □Yes √No 1. Principal Financial Data (I) Principal accounting data and financial indicators Unit: million Yuan Currency: RMB Items The Reporting Period Increase/decrease in the Reporting Period compared with the same period of last year (%) From the beginning of the year to the end of the Reporting Period Increase/decrease from the beginning of the year to the end of the Reporting Period compared with the same period of last year (%) Revenue 11,941.2 3.5 35,728.6 2.5 Total profit 1,545.9 (3.2) 4,221.9 1.3 Net profit attributable to shareholders of the Company 1,224.1 (1.7) 3,232.7 0.7 Net profit excluding non-recurring gain or loss attributable to shareholders of the Company 1,200.6 (2.4) 3,033.9 (4.3) Net cash flows from operating activities N/A N/A 1,903.7 (4.2) Basic earnings per share (Yuan/share) 0.26 0.0 0.68 1.5
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China Oilfield Services Limited 2026 Third Quarterly Report 2 / 11 Diluted earnings per share (Yuan/share) 0.26 0.0 0.68 1.5 Weighted average net assets earnings ratio (%) 2.6 Decreased by 0.1 percentage point 6.8 Decreased by 0.3 percentage point At the end of the Reporting Period At the end of last year Increase/decrease at the end of the Reporting Period compared with the end of last year (%) Total assets 84,439.4 84,462.8 0.0 Equity attributable to shareholders of the Company 48,570.2 46,573.1 4.3 Note: The “Reporting Period” refers to the three -month period from the beginning to the end of this quarter, the same as below. (II) Items and amounts of non -recurring gain or loss √Applicable □Not applicable Unit: Yuan Currency: RMB Items of non-recurring gain or loss Amounts for the Reporting Period Amount from the beginning of the year to the end of the Reporting Period Gain or loss on disposal of non -current assets, including write-off of provision for asset impairment (4,351,530) (9,039,841) Government grants included in profit or loss for the current period, other than government grants that are closely related to the normal operation business of the Company and entitled in accordance with established standards and in compliance with national policies, and have a continuing impact on the profit or loss of the Company 10,969,325 36,650,753 Gains and losses on changes in the fair value of financial assets and financial liabi lities held by non -financial enterprises and gains and losses from disposal of financial assets and financial liabilities excluding effective hedging business associated with the Company’s normal operation business - 17,950,495 Reversal of the provisions for impairment of receivables that had impairment test individually 1,655,809 22,532,029 Non-operating incomes and expenses other than the above items 19,327,362 138,477,080 Less: affected amount of income tax 4,140,145 7,897,124 Affected amount of non-controlling interests, net of tax 7,545 (105,610) Total 23,453,276 198,779,002 Explanations on reasons for the Company’s identification of items not listed in the “Explanatory Announcement No.1 on Information Disclosure for Companies Offering The ir Securities to the Public - Non-recurring Gain or Loss” as items of non -recurring gain or loss with significant amount, and the identification of items of non -recurring gain or loss listed in the “Explanatory Announcement No.1 on
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China Oilfield Services Limited 2026 Third Quarterly Report 3 / 11 Information Disclosure f or Companies Offering Their Securities to the Public - Non-recurring Gain or Loss” as items of recurring gain or loss. √Applicable □Not applicable Unit: Yuan Currency: RMB Items Amount Reason(s) Refund of refined oil consumption tax and individual income tax handling fee 34,767,462 Relating closely to the normal operation business of the Company (III) Disclosure as to and reasons for changes in major accounting data and financial indicators □Applicable √Not applicable 2. Shareholder information (I) Tot al number of ordinary shareholders and number of preferred shareholders with voting rights resumed and list of shareholding of the top ten shareholders Unit: Share Total number of ordinary shareholders at the end of the Reporting Period 81,065 Total numbe r of preferred shareholders with voting rights resumed at the end of the Reporting Period (if any) 0 Particulars of shareholding of the top 10 shareholders (excluding shares lent through refinancing) Name of shareholder Nature of shareholder Total number of shares held Shareholding percentage (%) Number of shares held subject to restrictions on sales Shares pledged, earmarked or locked up Condition Number China National Offshore Oil Corporation State-owned legal person 2,437,110,300 51.08 0 Nil 0 Hong Kong Securities Clearing Company Nominees Limited Others 1,783,898,968 37.39 0 Nil 0 Hong Kong Securities Clearing Company Limited Others 31,149,739 0.65 0 Nil 0 China Securities Finance Corporation Limited State-owned legal person 13,286,376 0.28 0 Nil 0 China CITIC Bank Corporation Limited – Merchants Quality Growth Hybrid Securities Investment Fund (LOF) Others 11,538,076 0.24 0 Nil 0 Huang Jiawei Others 7,331,100 0.15 0 Nil 0 Bank of China Limited – Merchants Ruiwen Hybrid Securities Investment Fund Others 5,154,420 0.11 0 Nil 0 Qian Shijin Others 4,080,000 0.09 0 Nil 0 China Construction Bank Corporation – Fullgoal Enhanced Bond Securities Investment Fund Others 3,200,000 0.07 0 Nil 0 UBS AG Others 2,768,942 0.06 0 Nil 0
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China Oilfield Services Limited 2026 Third Quarterly Report 4 / 11 Particulars of shareholding of the top 10 shareholders not subject to restrictions on sales (excluding shares lent through refinancing) Name of shareholder Shares not subject to restrictions on sales Type and number of shares Type Number China National Offshore Oil Corporation 2,437,110,300 A Share 2,411,662,300 H Share 25,448,000 Hong Kong Securities Clearing Company Nominees Limited 1,783,898,968 H Share 1,783,898,968 Hong Kong Securities Clearing Company Limited 31,149,739 A Share 31,149,739 China Secur ities Finance Corporation Limited 13,286,376 A Share 13,286,376 China CITIC Bank Corporation Limited – Merchants Quality Growth Hybrid Securities Investment Fund (LOF) 11,538,076 A Share 11,538,076 Huang Jiawei 7,331,100 A Share 7,331,100 Bank of China Limited – Merchants Ruiwen Hybrid Securities Investment Fund 5,154,420 A Share 5,154,420 Qian Shijin 4,080,000 A Share 4,080,000 China Construction Bank Corporation – Fullgoal Enhanced Bond Securities Investment Fund 3,200,000 A Share 3,200,000 UBS AG 2,768,942 A Share 2,768,942 Note of connected relationships or concerted actions of the above shareholders 1. Shares held by Hong Kong Securities Clearing Company Nominees Limited were the sum of H -shares of China Oilfield Services Limited (by agent) trade d in the trading platform of Hong Kong Securities Clearing Company Nominees Limited and in the accounts of H -share shareholders (25,448,000 H shares held by China National Offshore Oil Corporation are not included). 2. Shares held by Hong Kong Securities Clearing Company Limited represent the aggregate shares it held as a nominee on behalf of the shareholders of the Company under Shanghai-Hong Kong Stock Connect. 3. Except that Hong Kong Securities Clearing Company Nominees Limited and Hong Kong Securities Clearing Company Limited are the subsidiaries of HKEX, the Company was not aware that whether there were connected relationships or concerted actions among the above top 10 shareholders and the top 10 shareholders not subject to restrictions on sales, or between the above top 10 shareholders and top 10 shareholders not subject to restrictions on sales. 4. In "Particulars of shareholding of the top 10 shareholders", the 2,437,110,300 shares, namely the "Total number of shares held" by China National Offsho re Oil Corporation, include 2,411,662,300 A shares and 25,448,000 H shares.
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China Oilfield Services Limited 2026 Third Quarterly Report 5 / 11 Note of top 10 shareholders and top 10 shareholders not subject to restrictions on sales involved in securities margin trading and refinancing business (if any) Company shareholder Qian Shijin held 4,080,000 shares of the Company through a credit securities account. Participation of shareholders holding more than 5% of the shares, the top 10 shareholders and the top 10 shareholders not subject to restrictions on sales in lending shares through refinancing business □Applicable √Not applicable Changes in the top 10 shareholders and the top 10 shareholders not subject to restrictions on sales as compared with the last period due to lending/returning shares through refinancing □Applicable √Not applicable 3. Other remin ders Other important information on the Company’s operating conditions during the Reporting Period that needs to be brought to the attention of the investors √Applicable □Not Applicable In 2026, global geopolitical conflicts continued to escalate, internat ional oil prices fluctuated significantly, and risks and challenges from both within and outside the industry intertwined and compounded. The Company firmly established the working philosophy of "the success of our clients is our own success", deepened str ategic synergy with partners, consolidated the fundamentals of reserve growth and production enhancement, coordinated and optimized the allocation and supply of large -scale equipment globally, accelerated the large -scale global promotion of proprietary tec hnologies, responded precisely to clients' exploration and development needs, and effectively supported the stable operation of the Company's production and business activities. For the first three quarters of 2026, the Company’s revenue amounted to RMB35,728.6 million, representing an increase of 2.5% as compared with the same period last year; total profit amounted to RMB4,221.9 million, representing an increase of 1.3% as compared with the same period last year; net profit amounted to RMB3,425.9 million, representing an increase of 1.0% as compared with the same period last year. Well Services: The Company adhered to technological innovation as the driver for enhancing core competitiveness, accelerated the iterative upgrade of mature products and the prom otion and application of new technologies and new products, ensured the independent controllability of key equipment for oil and gas development, and supported the efficiency improvement of offshore oil and gas development and oilfield production enhanceme nt through green, intelligent and integrated solutions. In the first three quarters of 2026, the workload and revenue scale of main business lines of well services recorded a year-on-year increase. Drilling Services: Affected by operation plans and repair arrangements, the operating days of drilling rigs amounted to 14,608 days in total for the first three quarters, representing a decrease of 1.2% as
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China Oilfield Services Limited 2026 Third Quarterly Report 6 / 11 compared with the same period last year, of which the operating days of jack-up drilling rigs amounted to 11,070 days, representing a decrease of 4.8% as compared with the same period last year, and the operating days of semi -submersible drilling rigs amounted to 3,538 days, representing an increase of 12.0% as compared with the same period last year. The availa ble day utilisation rate of drilling rigs was 93.1%, remaining basically stable as compared with the same period last year, of which the available day utilisation rate of jack -up drilling rigs was 91.6% and the available day utilisation rate of semi-submersible drilling rigs was 98.0%. Marine Support Services: As at the end of the third quarter of 2026, the operation and management of vessels under the marine support services of the Company amounted to more than 260 vessels in total and the operating days a mounted to 66,614 days, representing an increase of 4,025 days or 6.4% as compared with the same period last year. The Company has consistently leveraged its professional vessel service advantages, coordinated vessel resources through internal and external linkages, expanded into emerging markets, and continued to develop green and low -carbon vessels, building a sustainable and profitable market-oriented operating structure. Geophysical Acquisition and Surveying Services: Affected by market layout and proje ct operation plans, the Company's 2D acquisition operation volume was 3,396 kilometers, representing a decrease of 41.9% as compared with the same period last year; the 3D acquisition operation volume was 12,512 square kilometers, remaining basically stable as compared with the same period last year; and the operation volume of ocean bottom seism was 1,660 square kilometers in total, representing a decrease of 20.2% as compared with the same period last year. Drilling Services For the period ended 30 September 2026 For the period ended 30 September 2025 Change (%) Operating days (day) 14,608 14,784 (1.2) Jack-up drilling rigs 11,070 11,624 (4.8) Semi-submersible drilling rigs 3,538 3,160 12.0 Available day utilisation rate 93.1% 92.8% Increased by 0.3 percentage point Jack-up drilling rigs 91.6% 94.0% Decreased by 2.4 percentage points Semi-submersible drilling rigs 98.0% 88.6% Increased by 9.4 percentage points Calendar day utilisation rate 88.0% 90.3% Decreased by 2.3 percentage points Jack-up drilling rigs 86.7% 92.6% Decreased by 5.9 percentage points Semi-submersible drilling rigs 92.6% 82.7% Increased by 9.9 percentage points Marine Support Services For the period ended 30 September 2026 For the period ended 30 September 2025 Change (%)
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China Oilfield Services Limited 2026 Third Quarterly Report 7 / 11 Operating days (day) 66,614 62,589 6.4 Standby vessels 12,171 12,141 0.2 AHTS vessels 31,851 30,795 3.4 Platform supply vessels 19,569 17,197 13.8 Multi-purpose vessels 2,204 1,695 30.0 Workover support barges 819 761 7.6 Geophysical Acquisition and Surveying Services For the period ended 30 September 2026 For the period ended 30 September 2025 Change (%) 2D acquisition (km) 3,396 5,845 (41.9) 3D acquisition (km2) 12,512 12,794 (2.2) Ocean bottom seism (km2) 1,660 2,079 (20.2) 4. Quarterly Financial Statements (I) Types of Audit opinion □Applicable √Not applicable (II) Financial Statements Consolidated Balance Sheet 30 September 2026 Prepared by: China Oilfield Services Limited Unit: Yuan Currency: RMB (Unaudited) Items 30 September 2026 31 December 2025 Current assets: Cash on hand and at bank 7,475,078,572 7,578,132,362 Financial assets held for trading - 5,501,703,910 Notes receivables 12,358,586 63,087,018 Accounts receivables 21,208,210,625 14,956,063,095 Financing receivables 46,594,000 16,450,000 Prepayments 124,736,804 66,118,729 Other receivables 207,913,930 58,097,868 Inventories 3,748,473,989 2,428,771,772 Contract assets 81,685,208 5,444,510 Assets held for sale - 25,488,580 Other current assets 864,984,396 499,400,829 Total current assets 33,770,036,110 31,198,758,673 Non-current assets: Long-term equity investment 1,220,984,258 1,259,172,509 Fixed assets 40,374,447,135 42,391,045,987 Construction in progress 2,936,529,180 3,852,067,423 Right-of-use assets 2,171,152,862 1,638,651,964 Intangible assets 487,740,148 548,716,475 Goodwill - -
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China Oilfield Services Limited 2026 Third Quarterly Report 8 / 11 Long-term deferred expenses 2,583,845,260 2,885,287,392 Deferred income tax assets 339,032,625 67,935,080 Other non-current assets 555,662,444 621,199,234 Total non-current assets 50,669,393,912 53,264,076,064 Total assets 84,439,430,022 84,462,834,737 Current liabilities: Short-term borrowings 3,534,218,417 6,434,450,087 Accounts payable 14,199,053,897 15,829,190,248 Contract liabilities 741,703,448 843,313,223 Employee benefits payable 2,314,883,134 945,190,494 Taxes payable 741,421,004 626,163,597 Other payables 329,366,517 543,142,670 Non-current liabilities due within one year 871,508,260 3,733,523,857 Other current liabilities 1,000,541,823 564,484,589 Total current liabilities 23,732,696,500 29,519,458,765 Non-current liabilities: Long-term borrowings 2,018,936,675 3,505,276,645 Bonds payable 7,011,657,821 2,098,834,882 Lease liabilities 1,616,852,972 1,122,122,507 Long-term employee benefits payable 22,256,775 23,403,039 Accrued liabilities 141,952,298 304,324,898 Deferred income 250,291,442 214,401,734 Deferred income tax liabilities 47,883,715 136,333,715 Other non-current liabilities 274,360,664 387,626,412 Total non-current liabilities 11,384,192,362 7,792,323,832 Total liabilities 35,116,888,862 37,311,782,597 Shareholders’ equity: Share capital 4,771,592,000 4,771,592,000 Capital reserve 12,361,820,023 12,361,820,023 Other comprehensive income (457,073,690) (553,879,739) Special reserve 37,628,638 22,075,848 Statutory reserve funds 2,508,655,960 2,508,655,960 Retained earnings 29,347,566,985 27,462,823,676 Total equity attributable to shareholders of the Company 48,570,189,916 46,573,087,768 Non-controlling interests 752,351,244 577,964,372 Total shareholders’ equity 49,322,541,160 47,151,052,140 Total liabilities and shareholders’ equity 84,439,430,022 84,462,834,737 Person in charge of the Company: Person in charge of the accounting work: Person in charge of the accounting office: Liu Jianzhong Qie Ji Zheng Guofang
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China Oilfield Services Limited 2026 Third Quarterly Report 9 / 11 Consolidated Income Statement January to September, 2026 Prepared by: China Oilfield Services Limited Unit: Yuan Currency: RMB (Unaudited) Items First three quarters of 2026 (January to September) First three quarters of 2025 (January to September) I. Gross revenue 35,728,613,472 34,853,711,767 Including: Operating revenue 35,728,613,472 34,853,711,767 II. Total operating costs 31,862,588,008 30,827,588,300 Including: Operating costs 29,030,285,034 28,509,712,001 Tax and surcharges 78,128,937 41,893,558 Selling expenses 2,003,998 2,320,513 Administrative expenses 728,476,002 693,207,368 Research and development expenses 974,916,892 914,937,301 Finance costs 1,048,777,145 665,517,559 Including: Interest expenses 367,262,887 497,380,715 Interest income 54,352,155 73,471,857 Add: Other income 71,418,215 87,243,233 Investment income 150,076,079 139,835,649 Including: Investment income from an associate and joint ventures 147,425,568 134,307,384 Gains on changes in fair value 15,299,984 11,816,632 Credit impairment losses (1,434,628) 21,156,595 Impairment losses of assets (8,878,740) (86,644,464) Gains on disposal of assets (4,486,341) 177,288 III. Operating profit 4,088,020,033 4,199,708,400 Add: Non-operating income 52,521,591 129,576,251 Less: Non-operating expenses (81,401,989) 160,660,352 IV. Total profit 4,221,943,613 4,168,624,299 Less: Income tax expenses 796,068,545 778,070,602 V. Net profit 3,425,875,068 3,390,553,697 (I) Classified by continuity of operations 1. Net profit from continuing operations 3,425,875,068 3,390,553,697 2. Net profit from discontinued operations - - (II) Classified by ownership of equity 1. Net profit attributable to shareholders of the Company 3,232,718,049 3,209,376,305 2. Net profit attributable to non-controlling interests 193,157,019 181,177,392 VI. Other comprehensive income, net of tax 91,824,405 28,624,575 (I) Other comprehensive income attributable to shareholders of the Company, net of tax 96,806,049 30,444,811 1. Other comprehensive income which will be 96,806,049 30,444,811
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China Oilfield Services Limited 2026 Third Quarterly Report 10 / 11 reclassified to profit or loss (1) Other comprehensive income which will be reclassified to profit or loss accounted for using equity method - - (2) Exchange differences on translation of financial statements of foreign currency 96,806,049 30,444,811 (II) Other comprehensive income attributable to non-controlling interests, net of tax (4,981,644) (1,820,236) VII. Total comprehensive income 3,517,699,473 3,419,178,272 (I) Total comprehensive income attributable to shareholders of the Company 3,329,524,098 3,239,821,116 (II) Total comprehensive income attributable to non-controlling interests 188,175,375 179,357,156 VIII. Earnings per share: (I) Basic earnings per share (Yuan per share) 0.68 0.67 Person in charge of the Company: Person in charge of the accounting work: Person in charge of the accounting office: Liu Jianzhong Qie Ji Zheng Guofang Consolidated Statement of Cash Flows January to September, 2026 Prepared by: China Oilfield Services Limited Unit: Yuan Currency: RMB (Unaudited) Items First three quarters of 2026 (January to September) First three quarters of 2025 (January to September) I. Cash flows from operating activities: Cash received from selling goods and rendering services 31,293,159,706 30,779,416,575 Government grants and subsidies received 77,633,900 43,909,874 Refunds of taxes 206,906,064 460,521,736 Sub-total of cash inflows from operating activities 31,577,699,670 31,283,848,185 Cash paid for purchase of goods and receiving services 22,210,818,813 21,779,664,908 Cash paid to and on behalf of employees 5,614,124,944 5,426,112,602 Cash paid for taxes 1,328,103,149 1,587,741,292 Cash paid for other operating activities 520,916,681 503,961,866 Sub-total of cash outflows from operating activities 29,673,963,587 29,297,480,668 Net cash flows from operating activities 1,903,736,083 1,986,367,517 II. Cash flows from investing activities: Cash received from disposal of investments 7,500,000,000 5,941,476,259 Cash received from return on investments 139,625,764 102,391,081 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 47,375,299 144,850
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China Oilfield Services Limited 2026 Third Quarterly Report 11 / 11 Cash received on interest income from bank deposits 55,738,060 72,554,917 Sub-total of cash inflows from investing activities 7,742,739,123 6,116,567,107 Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets 2,898,008,560 3,446,391,751 Cash paid for acquisition of other investments 2,033,000,000 - Sub-total of cash outflows from investing activities 4,931,008,560 3,446,391,751 Net cash flows from investing activities 2,811,730,563 2,670,175,356 III. Cash flows from financing activities: Cash received from borrowings 2,410,270,053 6,153,786,089 Cash received from issuing bonds 4,994,155,759 - Sub-total of cash inflows from financing activities 7,404,425,812 6,153,786,089 Cash paid for repayment of liabilities 10,324,096,518 7,770,685,310 Cash paid for the distribution of dividends 1,518,070,740 1,254,329,115 Cash paid for repayment of interest expenses 303,815,536 403,790,211 Sub-total of cash outflows from financing activities 12,145,982,794 9,428,804,636 Net cash flows from financing activities (4,741,556,982) (3,275,018,547) IV. Effect of foreign exchange rate fluctuation on cash and cash equivalents (111,170,777) (63,276,857) V. Net increase in cash and cash equivalents (137,261,113) 1,318,247,469 Add: Balance of cash and cash equivalents at the beginning of the period 7,462,990,920 5,423,772,057 VI. Balance of cash and cash equivalents at the end of the period 7,325,729,807 6,742,019,526 Person in charge of the Company: Person in charge of the accounting work: Person in charge of the accounting office: Liu Jianzhong Qie Ji Zheng Guofang (III) Adjustment to financial statements at the beginning of the year upon initial application of new accounting standards or interpretation of standards since 2026 □Applicable √Not applicable It is hereby notified the above. The Board of China Oilfield Services Limited 23 October 2026