COSL hurt by oil price slump

China

BEIJING, March 23, 2017 – China Oilfield Services (COSL) posted its full-year financial results on Wednesday, announcing a drop in revenues on account of lower activity.

COSL said it had dipped into the red in 2016, posting a loss of CNY 11.5 billion (USD 1.7 billion) compared with a profit of CNY 1.1 billion (USD 160 million) over 2015.

Revenues fell from CNY 23.7 billion (USD 3.44 billion) in 2015 to below CNY 15.2 billion (USD 2.21 billion) last year.

In addition to less work for its rigs and vessels, the company’s performance was weighed down by impairment losses.

Commenting on the results, COSL Chief Executive Qi Meisheng said the sector in 2016 witnessed the “most severe situation in the history, ” adding that the company had nonetheless tried to raise its profile in the international arena.