Good morning, investors and analysts. Welcome to the 2025 annual results announcement of China Oilfield Services Limited.

On behalf of the company, I would like to thank you all for taking the time to attend. 首先请让我介绍出席本次年度业绩发布会的董事会管理层代表，他们分别是：董事长兼首席执行官赵顺强先生。

First, allow me to introduce the representatives from the Board of Directors and management attending this event. They are Mr.

Zhao Shunqiang, Chairman and CEO. 独立非执行董事赵丽娟女士。

Ms. Chiu Lai Kuen, Susanna, Independent Non-Executive Director.

执行副总裁兼董事会秘书孙维洲先生。 Mr.

Sun Weizhou, Executive Vice President and Board Secretary. 首席财务官谢迪先生。

Mr. Qie Ji, CFO.

中海油服是全球最具规模的综合型油田服务供应商之一，拥有完整的服务链条和强大的海上石油服务装备群，同时拥有较完整的研发体系和服务保障体系。公司聚焦技术驱动、成本领先、一体化、国际化和区域发展五大发展战略。“十四五”期间，关键核心技术攻关不断突破，大型装备盈利能力提升显著，油田服务核心竞争力步入完善。公司一直致力于重塑成本优势，增强成本控制能力，在海洋能源资源服务领域深耕细作，践行为客户创造价值的理念，善于将中海油服业务融入客户的价值链之中，为客户创造价值，提高客户的投资效率和回报。 China Oilfield Services is one of the world's largest integrated oilfield service providers, boasting a comprehensive service chain and a robust fleet of offshore oilfield service equipment, as well as a well-established R&D system and service support system.

The company focuses on five key development strategies: technology-driven, cost leadership, integration, internationalization, and regional development. During the 14th Five-Year Plan period, the company has achieved continuous breakthroughs in key core technologies, significantly enhanced the profitability of its large-scale equipment, and continuously strengthened its core competitiveness in oilfield services.

The company remains committed to re-establishing its cost advantage and strengthening its cost control capabilities. It is dedicated to deepening its expertise in the marine energy resources sector, firmly upholding the philosophy of creating value for clients.

COSL excels at integrating its operations into clients' value chains to generate added value, thereby enhancing clients' investment efficiency and returns.

Today's event is divided into two parts. First, Mr.

Qie Ji, CFO, will present the 2025 annual results and the company's future development outlook, followed by a Q&A session. We now invite Mr.

Xie to take the floor.

尊敬的各位来宾，大家好。欢迎参加中海油服2025年度，2025年度的业绩发布会。在正式介绍前，还是提醒您关注此页关于本本次会议材料的免责声明。今天展示的内容主要分两部分。首先，我代表公司给各位投资人和朋友汇报一下2025年的业绩情况。回顾2025年全年，国际布伦特油价震荡下行。进入2026年，多地地缘政治因素扰动国际油价反弹明显。2025年，国际主要油公司CAPEX同比总体保持微增，放缓激进的新能源转型战略，下调或延期低碳投资，逆周期适度增加上游勘探投资开发投入，夯实储量与产量基础。国际油钻井服务行业方面，全球自升式平台使用率略有下滑，浮式平台使用率与同期相比稳步上升。在此背景下，2025年，公司生产经营各项工作稳健推进，营业收入规模成功实现500亿元的跨越。各项全年实现营业收入502.8亿元人民币，净利润40.6亿元，同比分别增长4%和19%，各项经营业绩指标均有所提升。从财务整体表现看，公司“一利五率”指标整体稳中向好，利润水平持续提升，盈利回报保持稳定，公司运营质量不断深化。与业界同行业绩对标方面，公司技术板块经营效率可与国际同行比肩，资产结构优于同行，公司大型装备的利用率居于国际平均水平之上。分板块来看，2025年，公司四大板块经营业绩稳中向好。钻井板块受海外业务拉动，贡献最大利润增量，板块经营利润率接近回升至两位数。技术板块营收因区域化战略的优化以及收费模式多样化探索，短期同比略有回落，但整体利润率仍维持在较高水平。全球市场份额方面，公司钻井、固井、定向井、测井等业务线加速提高管理水平，培育国际化排头兵角色，行业影响力继续提升；物探、完井等业务则是驱动市场控力逐渐增强，其市场规模和市占率拥有较大的增长空间。2025年，在技术创新应用方面，公司牢牢把握技术驱动的战略先导地位和根本支撑作用。科技创新引领产业创新，公司整体技术覆盖度已提升至83%。随着研发投入转化质效不断提升，从深海钻完井技术突破到深海装备产业化应用的拓展，从开辟物探新路径到全球重量最大、难度最高的海上工程作业，公司的技术创新正在深层次地释放着专业服务价值的潜能。在技术体系建设方面，公司立体布局覆盖水面、水中、水下、地下的技术复集合，聚力推进关键核心技术自主研发和产业化突破，形成了涵盖72个核心技术体系、2300余项技术产品的较为完备的能源服务技术体系，为公司高质量发展注入了强劲的科技力、科技动能和持续潜力。在数字化赋能新技术方面，公司以数据资源利用、油服加速字化、油服加便捷化强化资源协同，加快向技术集成商和系统服务商的转型。公司成本管控方面，2025年，公司全力巩固成本领先优势，以提升管理效率为突破口，推动降本增效升级。通过精准施策，以提升各项资源使用效率，推动公司经营效率效益持续提升，为降本增效赋予新的内涵。在一体化创效方面，国内外市场发挥多业务线协同优势，国内外一体化收入均创历史新高，海外新签合同大幅提升，多业务一体化协同展现专业化服务价值，国内多个一体化项目为客户整体提效明显。国际化进程方面，“十四五”期间，公司以国际化的视野积极开拓海外市场，稳步拓展国际化版图。近五年，海外收入实现420亿元营收，“十四五”末较期初海外营收规模实现近150%的增幅，海外营收占比每年逐步提升。海外新签订单方面，“十四五”累计签订近100亿美元订单，海外合同额始终保持高位增加态势，超过“十二五”、“十三五”时期总和。区域发展战略方面，公司稳步推进“1+2+N”市场格局内扩容、提质，持续优化区域发展布局。市场开拓逐步转化为以培育核心国别市场、深耕客户需求、精准匹配技术和产品为切入点；同时，增强全产业链出海意识，加速形成市场规模不断扩容，推动公司业务迈向更多样化的高质量发展新态势。公司坚持“安全第一、预防为主、综合治理”的安全管理理念，并持续推进安全管理水平整体提升；秉承“提供绿色服务、绿色复起，把生态文明建设融入生产经营”的环保理念，构建覆盖油服、油田服务全业务的绿色低碳发展路径，将培育低碳绿色的核心竞争力作为环保发展的战略。公司立足专业能力和客观优势，主动承担社会责任，积极开展海上救援，坚持以人为本的愿景目标，沟通构建沟畅通的员工培训沟通机制，系统构建员工关怀与支持体系，不断提高员工幸福感和企业凝聚力；不仅深化员工对海洋生态价值的理解，也带动员工以实际行动融入区域生态保护网络。公司通过多渠道与资本市场保持高质量互动，公司治理透明度和市场认可度显著提升；通过坚持以客户为中心，以治理体系和治理能力现代化为主线，不断完善治理体系，在破局破立并举中提升管理效能。接下来，第二部分展示介绍一下公司未来发展展望。展望行业形势，国际油价处于震荡高位，带动全球上游勘探开发资本支出增长。因主要盈利贡献来源于传统业务，主要油公司的资金投入转向核转回核心油气主业。未来五年，全球上游勘探开发投资将逐年上涨，海上勘探开发热点主要集中在南美、亚太和非洲等区域。2026年，公司继续在技术驱动、成本领先、一体化、国际化、区域发展五大发展战略的指引下，聚焦国内外海外市场协同提升、相互促进，持续推进科技创新，聚焦精益管理，持续聚焦全球能源服务需求，打造国际合作生态圈，加快世界一流能源资源服务公司的建设步伐。公司坚持技术驱动的牵引作用，着力培育国家级海洋装备科技攻关能力和产品的迭代升级能力；着力构建布局梯次、结构合理、功能完善的科技创新平台；多维度评估公司技术体系的完整性、前瞻性和先进性，科学指引未来科研布局和研发投入。同时，继续加快数字化和人工智能化发展步伐，积极探索拓展“AI+”应用，形成以自主软件为核心、以智能平台为支撑、以解决方案为输出的数字技术产业生态，为勘探开发生产决策提供科学依据，提升油气田开发的准确性和效率。制定推进智慧油服建设时间表，推动各类信息有效集成、高效流转，促进生产管理模式优化、资源配置效率提升。2026年，巩固成本领先一优势方面，以价值创造为主线，着力优化公司核心资源结构，以成本优势支撑技术赋能、载体升级、生态协同、价值增值的良性循环；同时，构建系统化经营风险防范机制，增强抗风险能力。一体化战略方面，未来公司坚定展现一体化协同专业新价值，多维度探索各业务线横向联合、纵向整合、跨界融合；同时，增强数字化赋能和精益管理，构建起纵向贯通设计、作业、服务和产品，横向弥补各板块边界的新型一体化模式，与更多的客户形成稳定的战略合作关系，实现从传统服务供应商向价值共创伙伴的升级。公司国际化经营方面，坚持规模扩张、结构优化和质效提升协同兼顾，以新视角、新机制、新方式侧重中长期市场与核心客户群，以提升全球资源配置与高端市场开拓为重点，以订单、资源、交付、客户四个核心环节效率的提升驱动海外效益稳定增长。聚焦海外十大客户，未来公司会在全球市场中加大对行业前端自研高端技术的市场推介，增强高端市场的客户黏性，通过提升客户多样性、订单的可持续性以及公司的战略布局，构建起“自主技术输出+高端客户本土化运营”的双轮驱动模式，为客户创造穿越周期的价值增长。区域战略区域发展战略方面，不断强化“1+2+N”的市场布局，持续提升重点市场运营效能和质量，加速转化新兴市场合作机遇，加快构建适配全球发展的运营管理体系，推动区域间的跨境协同流通和提效管控，形成核心市场稳盘增力、潜力区域拓展增收的良性良性格局。最后，2026年，公司将继续在技术驱动、成本领先、一体化、国际化、区域发展五大发展战略指引下，以推动公司高质量发展为总目标，以科技创新为核心引擎，优化产业布局，提升治理效能，强化数字赋能，加快培养、发展海洋能源资源服务新质生产力，以更高质量的业绩为股东、客户、社会各方创造更高价值的回报。再次感谢各位投资者、分析师朋友对公司长期的支持和理解。下面欢迎大家提问，谢谢。 好的，谢谢谢总。那现在我们进入问答环节。为了让更多的投资者朋友有提问机会，请每位提问不超过两个问题。提问之前请先介绍您的所在机构和姓名，问题和回答请交传人员进行中英翻译，请注意表述时留给翻译时间，谢谢。

Thank you, Mr. Xie.

We will now move on to the Q&A session. To ensure that as many investors as possible have the opportunity to ask questions, please limit your questions to no more than two each.

Before asking a question, please state your organization and your name. The consecutive interpreter will provide interpretation between Chinese and English for both questions and answers.

Please allow sufficient time for the interpreter. Thank you.

各位提问时请先举手，我们的同事会将麦克风递给您，谢谢。 If you have a question, please raise your hand.

Our colleagues will pass microphone to you. Thank you.

好，请我们同事将麦克风给到第三排这位女士，谢谢。 呃管理层好，我是中银国际的戴宗云。我这边有一个关于中东的问题，就是在今年以来的中东冲突对我们的技术板块还有钻井板块的影响怎么样？然后钻井板块的话，在这个冲突之前我们在中东有多少条钻井平台？然后这个冲突的话，呃就是造成我们钻井平台有多少条已经停掉了？呃目前状态怎么样？谢谢。

My question is about the Middle East. Right now, we are in the middle of the Middle East conflict, I would like to know how much impact, or what kind of impact, has there been on your technology segment and on your drilling segment.

Before the conflict in the Middle East, how many rigs or platforms were operating in the Middle East, and how many of them have been suspended because of the conflict? Thank you.

好，谢谢你的提问。那么我们请我们公司副总裁孙维洲先生来回答这个问题。 行，感谢您的提问。这个我先介绍一下目前我们中东的这个资产的一个情况。目前在

中东主要我们在三个国家有作业，在伊拉克目前的话有23套这个钻修机，包括一系列的油气油化的相关的这个设备。那么在沙特我们有三条自升式的平台在作业，在科威特有两条自升式的平台在作业。请翻译。

Let me talk about our current operation and equipment being used in the Middle East. We are now in basically three countries in the Middle East.

In Iraq, we have 23 equipment for maintenance and also operations, and then in Saudi Arabia, we have three jack-up rig or platforms. In Kuwait, two jack-up platforms.

那么在这五条自升式平台目前没有受到战争的影响而产生暂停作业或者停止作业的情况，甲方依然在安排工作，也正常的付费。但是在伊拉克涉及到我们23套这个钻修机及相关业务，因为伊拉克总体上是一体化业务，那么由于战争的原因呢，目前有大概三台套钻修机涉及到的立体化业务在近期呢暂停作业。就翻译。

Regarding our five jack-up rigs or platforms, there has been no impact on their operation. That means that there is no suspension or no termination of the operation of this equipment.

As regards in the landlord side, well, they are still making arrangement in relation to the work and operations, and they are also continuing their payment of fees as well. However, in Iraq, in relation to the repair and maintenance machines and equipment, because in Iraq basically the business is integrated business, and so there has been three equipment and machines being affected by the integrated equipment suspension.

好的，谢谢管理层的回答，也谢谢这位投资者的提问。我们下面接受现场的下一条提问。好，请同事将麦克风给到第三排最右边这位女士，谢谢。

My question is, under the current situation about geopolitics, well, how do you see the oil price trend in the year 2026? Also I would like to know, given these circumstances, what will be some adjustments or changes to your development plan?

Thank you. 好，这个谢谢你的这个提问。这个油价的问题是一个比较大的问题，我们的这个专业也不是这个专业。分享一点我的这个观点吧。目前呢应该说总体的供需 仍然是产能相对比较过剩，这个需求呢比较疲弱的这个时期。那么因为地缘政治的这个影响呢，出现了区域供求的不平衡，造成了这个油价的这个变化。那我们觉得还是属于在总体趋势不变的情况下的这个当中的这个震荡吧。那么在对未来保持谨慎乐观的这个情况下呢，公司的国际化战略推动是坚定不移的。那么通过“十四五”我们的努力，应该说积累了很好的经验。请翻译。

I believe that the question or issue about oil price is a big issue, and in fact we are not an expert in this area, but I can still share a couple of points in my opinion. In relation to the demand and supply situation, right now there is still an over or excess capacity, whereas demand is relatively weaker and softer.

Under the influence of geopolitics, there is an imbalance or a lack of balance between demand and supply on a regional basis, and that had led to the volatility or changes in the oil price. Then the overall trend is not really changing.

In the future, we are still cautiously optimistic, and we are not going to change our internationalization strategy as a result. We believe that we will continue to benefit from the insights and experience that we have already accumulated from the previous five-year plan period.

那么尽管地缘政治对今年的这个油价造成很多影响，那么很多人呢也都在对这个战争的发生、时间长短、激烈程度有不同的这个意见。但是我想总的一条是每个国家都不想打仗，这是这个普遍的大家的预期。所以说战争要持续多长，我不认为它持续得非常长，问题就是多快收场，我觉得这个呢就不确定性比较强。没有任何一方想打仗。所以说对于我们国际化的趋势呢，短时间可能会有一定的影响，但是长时间我们仍然保持国际化战略不会改变。谢谢。 Despite all the geopolitical changes and also fluctuations, actually this year because of that oil price has been affected.

Right now we are in the process of war. We don't know how long this war will last, and we don't know how intense or how severe this war is going to turn out.

Then of course, no country would like to see a war happening. We believe that this war may not really take a very, very long time, but we actually can't tell when it is going to end.

Definitely our internationalization strategy as a whole will stay, but the trend of our internationalization will be subject to some impact, especially during the short term. In the long term, the direction is going to remain the same.

好的，谢谢管理层的详细回答。下面我们接受下一条提问。请同事将麦克风给到最后一排的这位女士，谢谢。 好，感谢管理层给我一个提问的机会。那我是来自天风证券的李景云。嗯那实际上我主要想问一下关于我们在钻井平台这块，因为我们都知道这是一个重资产，并且盈利也比较难的一个业务。那今年在这块我们盈利的提升非常明显，想请教一下主要的原因是什么？然后那从国内跟国外这两个方向来讲，对这个板块的一个盈利贡献分别是怎么样的？并且那展望未来这一年的话，我们在这个重要的这个板块还会实现一个怎么样的一个盈利的突破？是不是有一些小的展望？谢谢。

My question is about the drilling rigs. Actually, we have seen that there is an increase in profitability, I want to understand the reasons behind the profitability growth.

Regarding the domestic as well as overseas profit in this segment, how much is the relative contribution from domestic and overseas business? In the future, in the coming one year, what kind of breakthroughs can we expect in this particular business segment?

Thank you.

在回答你这问题之前呢，我们讲三个趋势。第一个趋势呢，就公司的国际化战略在提速。这个趋势呢从我们每年的这个收入还有盈利能力、管理粒度当中是可以看出来的。第二个呢，国内增储上产的势头还在延续。同时呢，这个除了这个七年行动、增储上产行动计划完成以后，这个未来10年可能还要有一个新的计划。这是国内对能源的自主供给的这个力度在不断增强。第三个呢，就是公司在“十四五”期间都是把大型装备利用率的提升作为一个重点管理对象。那么应该说2025年呢是一个大型装备基本上全都利用起来的这么一个年头。这是三个趋势。请翻译。

Before I answer your question, I would like to share with you three big trends. We have seen acceleration of our internationalization strategy.

This is reflected quite clearly if you refer to our revenue, our profit, and also our management work and efficiency. The second trend is that the increase in production within our country is continuing.

We have already completed the previous seven-year action plan, and very soon we are going to see the coming 10-year plan, which is a new one. We can see that there is a strengthening of domestic supply and expansion.

The third trend is that during the 14th Five-Year Plan period, our company has been increasing utilization of large-scale equipment, and in fact in the year 2025, all large-scale equipment has been put into use.

另外一个现象就是在2025年有两项并购案，一个是ADS和这个Shelf之间的合并，另外一个就是最近Transocean和另外一家公司的这个合并。我们判断呢就是钻井承包商它的这个综合能力和溢价能力在提高。小的钻井承包商生存的艰难程度会越来越严重。

In the year 2025, there were two M&A projects. The first one is between ADES and Shelf, and the second one is Transocean and another company.

In relation to the rig and platform operation, we can see that the overall integrated capability and also bargaining power for the larger companies have increased. It is getting more and more difficult for the smaller companies to survive well.

那么一方面看见大的钻井承包商他的利用率在提升，但是小的钻井承包商还有很多停着的这个钻井平台。所以说这两年呢，我们判断“十五五”大型装备资源仍然会是一个全五年之内都是一个紧平衡的状态。那么我们也在不断地加强整合小承包商的钻井平台，扩充自己的这个团队、船队。 For the large contractors and companies, we can see that their profit margin is rising.

However, for the smaller contractors, many of their rigs and platforms have been suspended. During the 15th Five-Year Plan period, in relation to large-scale equipment, we believe that it is in a tight balance situation.

We will put in more effort to acquire or integrate with the equipment of the smaller contractors. 那么未来呢，石油公司的开发资源的难度，包括技术难度，还有这个空间难度都在提升。那么他们更需要大的服务商，抗风险承受能力强、技术实力强的承包商来提供更优质、更可靠、更高效的这种服务。

In the future, we believe that the oil companies will see quite a lot of difficulties in relation to technical development resources as well as spatial development, they really need the more competent contractors with more capabilities and expertise to be able to deliver professional and expert services to them. 好，谢谢。

谢谢管理层的详细回答，也谢谢这位投资者的提问。下面我们接受下一条提问。请 请同事将麦克风给到第三排这位男士，谢谢。 管理层好，我是摩根士丹利的杜宏良。我这边第一个问题的话就是有关船舶板块。我想看一下就是说这个历史上这个船舶板块在这个市场化定价还是比较明显的。但是我想问一下现在的这种定价模式有没有改变？管理层未来对这个船舶板块的日费这个走势怎么看？这是第一个问题。第二个问题就是在在这个大的能源安全背景下，这个像上游公司包括海油可能会加大这个勘探开发力度。我想问一下就是说管理层对这个如何看待这方面的一个就是说我们海上油田的这个勘探开发这个未来几年的资本开支情况？我可能在这加一个小问题，就是说公司在这个把负债的这个负债率降下来之后啊，是不是未来几年这个会相相应地提高一下这个派息，派息率？谢谢。

The first question is about the marine support segment in relation to the vessels. All along, it has been based on market or marketized pricing mechanism.

Is there going to be any change to this pricing mechanism, and what will be the trend in the daily rates? The next question is, under the current situation and concern regarding energy security, many big oil companies, including CNOOC, is expanding their work in terms of exploration.

When it comes to offshore oilfields, in the coming few years, how much will be your CAPEX? Then the third question is, given the decline in your gearing ratio, in future, are you going to increase dividend payout?

哎呀，你这三个问题都比较点中了我们业务发展的痛处。船舶定价是一个老问题。这个定价问题已经持续了十几年。我们说只要是谈到定价问题，它就涉及到双方的事。那么现在通过“十四五”，我们不断地转变策略。我们说求人不如求己。我们主动在行业紧俏的时候，资源供需紧张的时候，我们未来的方向是调结构，就是客户结构、市场收入结构。然后这个调结构，那么把精准匹配资源作为第二个这个工作，第三个呢就是国际化。用自身工作的确定性解决外部定价这个的不确定性。所以说呢我们觉得现在又到了这个调结构的时候。紧张的时候，有的时候大家希望这个工作不要那么这个紧张，但是我们觉得现在确实是比较好的时机，是吧？所以说我们在继续扩充船队的基础上不断地调整，让需求决定这个定价。我们觉得这个才能走得长远。第二个呢，就增储上产的这个趋势啊，在未来相当一段时间内，我觉得国家能源自主的这个力度都会显著增强。现在我们每年原油的消耗大概7.5、7.6亿吨，大概5亿多吨都要进口，所以说我们认为这个增储上产的趋势呢是比较长久的。那么当然说对服务的需求也是相对比较长的。请翻译，谢谢。 In

fact,

the questions

that you have asked have touched upon the pain points in our operation. Regarding the pricing of vessels, this has been an old issue that has been dwelling for 10-odd years.

Basically, this is a matter which two parties, both parties, have to reach an agreement. During the 15th Five-Year Plan period, we have changed our strategies, and we're of the view that it is better to put higher requirements on ourselves than to making requests with other parties.

Given the current tight condition between demand and supply of resources, what we need to do is to change structure. We want to change customer base structure and also the structure of market revenue.

We need to also make sure that we can achieve precise asset and resource allocation, and then we have to continue our internationalization strategy. These are some strategies and measures to tackle this issue.

We are using the certainty of our own work to solve the uncertainty condition in terms of pricing. Then we are also expanding our fleet.

We keep on making adjustments to our overall structure, hoping that demand can be used to determine pricing on a relatively more. In the future, we can anticipate that the energy autonomy will be a more and more important strategy and policy of our country.

Every year, when it comes to consumption of oil, it amounted to 7 750 to 760 million tons, of which 500 million tons are imported. This is the current situation.

好，我来回答你的第三个问题啊。我觉得这个首先呢关于这个债务的优化，我觉得还是我们抓住了三个三个这种机会吧。一个呢就是确实是到了油服存量债务的切换期，就是陆陆续续会有一些到期。第二个呢主要还是确实出现了这个美元高息这个缓慢下降以及人民币利率较低的这个 这种这种差这种差。第三个抓的这个时机呢就是确实我们的这个货币的使用了范围也逐步地从过去的海外用用款为主，包括以前的收购，是吧，转到了现在是在国内以国内的这个支出相对占大大头作为这个支出的这个重点。所以我们觉得债务优化呢是正好碰到了这三个场景的一个重叠。请翻译。 Let me answer your third question concerning optimization of our debts and liabilities.

Basically, we now see three major opportunities. There is a swap in terms of our total existing debts because some of our debts are going to expire.

Then the second point is that there is right now a gradual decline in terms of the high interest rate of US dollar. For RMB, interest rate is relatively lower, there is a difference and an interest rate differential.

Then thirdly, in terms of the currency mix, in the past, basically it is mainly about expenses overseas because there were some M&As overseas, foreign currencies were used for these transactions. Right now, actually domestic expenses account for a bigger percentage, so that is also the third opportunity in relation to optimization of debts.

第二个我想跟大家分享的就是目前看的其实从2024年开始吧开始筹备，主要是为了这个应对2025年6月份和7月份陆续到期的11亿美元。其实从2024年下半年已经开始统筹。经过这一将近一年多，包括我们3月中旬成功地在境外发了50亿元的人民币债，三年期的，1.95%的这个这个利率。等等一系列的措施吧，目前看呢公司的资产负债规模，那个那个负债规模出现了一个明显的下降，这个融资成本也是继续继续走低。这个呈现的主要就是降主要做的工作就是降规模，这个优结构。请翻译。

Actually starting from 2024, we have been making plans and preparation for debt optimization because in June to July 2025, that was the expiry of USD 1 billion debt. Then actually in mid-March, we had already issued a 5 billion RMB debt at 1.95% interest rate for a tenor of 3 years.

Overall speaking, we have decreased the scale of our debt, and financing cost is also coming down. What we have to do is that we need to continue to reduce the scale of our debt and optimize the structure.

第三点我想说呢就是 毫无疑问这个中海油服未来在“十五五”期间呢还是会继续加大这种装备投入的力度，我们也会在保持这个资产负债率稳健、可持续的这个基辅上继续围绕这个债务去做一些 利于公司长久发展的这种安排吧。 总体来说呢，至于说大家关心的这个派息呢，我觉得一个呢还是需要看公司的经营的基本面，另外一个呢看公司未来的这种现金的情况。我们也希望能够通过

与公司和投资者共享这个公司发展的这个机遇。好，这个大家也能看到2025年其实我们的派息还是 增幅还是 我们感觉还是表现比较良好。拿到米，谢谢。

During the 15th Five-Year Plan period, we are going to increase our investment into equipment, and we want to make sure that our gearing ratio will maintain stable and sustainable. In terms of our debts and liabilities, we are going to make arrangements by considering our overall long-term development.

Regarding dividend, we have to consider the operational needs of our company, the company's future cash position in making decision. Then we also want to make sure that we can seize future development opportunities.

Then if you look at our dividend payout in 2025, in fact it is in a very good position. 好的，谢谢管理层的详细回答。我们下面接受下一条提问。请我们同事将麦克风给到第二排这位男士吧，谢谢。

My first question is concerning exchange rate gain and loss. In the second half of the year, there was quite a large impact arising from that.

What are the reasons behind? My second question is about your technology segment.

In terms of the profit from this segment, its share has been quite big all along. Last year, in the first half of the year, there was some change to that trend.

Is there going to be, or was there, some improvement in the second half of the year? In 2026, how much will be the profit margin?

Thank you. 好，谢谢。请我们这个公司副总裁孙维洲先生来回答这两个问题。

好，我回答那个技术板块这块的一个问题，好吧？ 这个目前的话，应该在“十四五”期间，是吧，这个技术板块公司的化呢这个得益于公司这个持续的科研投入，以及呢不断健全的这个研发体系。那么

回顾“十四五”，我们的科研投入每年从最初的，这个2021年16个亿，到去年22个亿将近，是吧，这个投入力度都占到了公司总收入的4%左右。好吧，请翻译。

During the 14th Five-Year Plan period, we have been continuously increasing our R&D expenses, and we have strengthened our R&D system as well. If you look at our R&D expenses every year, for example in 2021, the amount was 1.6 billion, and last year it had already risen to 2.2 billion, it accounted for 4% of our total revenue.

那么

科研投入的产出比也在不断地改进，由2021年大概1块钱回报是2.5，到2025年，那么科研投入产出比到3.1，这么一个情况。翻译。

In fact, the input-output ratio in relation to our R&D expenses and investment has been increasing. In 2021, it was 1 RMB to 2.5.

In 2025, it was 1 to 3.1.

那么技术覆盖度，由2021年大概58%、59%到2025年的86%。

Technology coverage in 2021, it was 50 59%; in 2025, 86%.

那么技术实力呢在不断地增强。“十四五”期间，应该说技术板块不论在收入结构和收入贡献和这个利润的这个贡献当中啊，都为油服的发展做出了非常大的一个贡献。那么2025年，技术板块的销售收入占比维持在55%，利润的话呢维持在72%，这么一个情况。

We are strengthening the overall strength of our technology segment. In the 14th Five-Year Plan period, our revenue strength and also the contribution into total revenue and profit is also big and increasing.

In 2025, from the technology segment, it accounted for 55% of revenue and 72% of profit.

那么海外的话，这个在“十四五”期间，随着我们技术实力的增强，那么技术板块的收入占比和利润贡献也在不断地改进。那么从收入的贡献从2021年的14%在海外收入的，到2025年在海外收入当中占比达到了24%，这么一个情况。

For overseas business during the 14th Five-Year Plan, the strength of our technology segment has also been enhanced, the contribution to both the revenue and profit has risen. In 2021, it accounted for 14% of total overseas revenue, and in 2025, 24%.

那么2025年，技术板块营业利润率依然维持了一个这个大概16%左右的这么一个毛利的样子。应该说和同行相比保持了一定的优势。尽管同比可能略微有一点下降，实际你要剔除非经营性的这个一些损益， 不论是油气板块、测井、定向，还有油化板块，应该说主要板块和业务线它的利润率都是在稳定甚至略微有所上升的，唯一有一点下降的是固井这个板块。请翻译。

If we look at the operating profit margin of the segment in 2025, it was 16%. We are better than other peers in the industry, even though there is some slight decline on a year-on-year basis.

However, we also need to exclude the non-operating gains and losses. For actually most of the segments, we saw very stable, even slight increase trend, with only the exception of the cementing segment.

那么近期我们获得了在去年底我们获得了这个泰国油的这个旋转导向合同额大概有800万美元的这么一个价值的一个合同。从某种角度也代表这个中海油服自主研发的这个旋转导向和随钻这项技术得到了国际客户的认可。这也是我们多年来持续的研发投入、持续的健全我们研发体系所取得的一个标志性的一个成果。

At the end of last year, we won a contract with our Xuanji with Thai Petro company, the total contract value was $8 million. This shows that our self-researched and developed technology has won international recognition.

This is because of our R&D investment over the years, as well as the work that we have done to strengthen our overall R&D system.

同时的话近期可能有些投资者也注意到，我们的这个固井业务在科威特获得了科威特国家石油授予的价值突破4个亿人民币的合同。这些个技术板块在不同区域、不同国家、不同的IOC、NOC这个的突破都代表着我们 这个技术板块的竞争力在不断地提高，它的价值在不断地释放和得到了客户的认可。所以展望未来，尤其是在“十五五”，我们相信 基于我们已经现在形成的“1+2+N”的市场格局，尤其是中海油服在海外已经在五大洲、13个国家建立起来了、形成了120个作业点，并且得到了IOC、NOC的不断地认可。我们相信“十五五”我们技术板块的盈利能力、市场竞争力和对我们公司发展所包括股东的回报应该是越来越大。好吧，谢谢。

Recently, perhaps you are also aware that we have also won a contract from the Kuwait National Petroleum Company. Total contract value was actually 400 million RMB in terms of contract value.

You can see that we have achieved breakthrough in different regions and also different countries with our technology segment. Our technology segment is such that our value has been released on a continuous basis, and our strength has been improving.

We have won more and more recognition from customers. In the future, with our 1+2+N market layout of our company, right now, in terms of our overseas business, we are in the five major continents in 13 countries, and we have 120 operation sites.

In terms of both profitability and also revenue and shareholder return, we are seeing future improvements.

好，我来回答这个关于汇率的这个问题啊。这个应该说2025年整个全球的人民币对美元汇率波动还是非常大的。从年初7. 7.1几，然后到4月份蹦到7.4，然后又到年底从下半年开始逐步人民币升值到6.9、6.8这个样子。所以说呢确实这种汇率的大幅以及总趋势是升值的这种波动的对公司的这个汇兑损失是有一定的压力的。请翻译。

In 2025, actually we have seen fluctuations and volatility in the exchange rate of RMB. Last year, at the beginning of last year, it was in the range of around 7.1, and then in April it became 7.4.

Towards the end of the year, it was at 6.8, 6.9 roughly. All these fluctuations have caused much impact to our exchange rate loss or gains.

其实我们也回顾一下“十四五”期间，应该说“十四五”期间整体公司的汇兑损失基本上是一个打平。但是毫无疑问，我印象中2022年还是2023年也分别是有期一个是 大额的收益，和有一年的大额的损失，但整体“十四五”是一个波动的。国家呢关于对这个汇兑这个损失也是保持在一个合理区间。所以呢我们觉得短时间可能直面一定挑战，长时间呢通过我们的不断地用管理、优化，我们还是希望把这个这个数字对正常经营业绩的影响把它控制到最好。请翻译。

During the 14th Five-Year Plan period, for our exchange rate loss, it was relatively flat. In the year 2022 to 2023, in fact there was a year when there was a big exchange rate gain, but then there was also another year with a big exchange rate loss.

For our country, it is actually trying its best to maintain a reasonable range in relation to exchange rate fluctuations. In the short run, we believe that there are challenges in terms of exchange rate gain or loss, but then in the long run, we are going to put in more effort to strengthen management of our exchange rate loss and gain and also enhance the position overall speaking.

最后呢最后一点就是想说的是 因为时间有限啊，就是简单从技术上去拆解一下的话，其实一方面呢是因为国内这个记账本位币是人民币，但是它有一些向外 这个 对外的对海外的支付，这部分挂的是美元，所以这块有一个波动。另外一个呢就是刚才我们在介绍这个债务重组啊债务债务优化这块呢也提到，就是去年是通过在海外增加了一些人民币的负债，然后呢去偿还了高息的美元负债。其实这部分呢 简单可以理解成就是我利息的减少，其实是跟我的这个它因为变成

在海外美元记账本位币变成人民币的负债，它的这个波动其实是相大体相当。因为我美元的利息高嘛，原来4%，我现在降到2%，但是这个这个汇率的波动其实也是一个贬值2%，其实这两个因素是对冲的。拿到米。

There's only limited time, I can only briefly give some explanation to the technical dimension of this question. On one hand, within mainland China, the expenses are mainly in RMB, but then when it comes to overseas business and also external payments, the usual habit is for USD to be used.

That's why we will be subject to impact from the fluctuations and volatility. Just now, we answered a question about debt structure optimization.

Last year, we increased our RMB debts, and we used them, or used it, to repay some of the high interest rate USD debts. As a result, the interest rate has come down because of this swap.

For USD debt, the interest rate was 4%, and we changed that into RMB debts at an interest rate of 2%. There is this interest rate differential.

Then at the same time, there is also depreciation in interest rates, these two movements are offsetting each others. 好的，谢谢管理层的详细回答。我们由于时间的关系，我们现在接受最后一个提问。请同事将提问机会给到第二排这位男士，谢谢。

各位领导好，我是国信证券的董秉旭，然后我想请教两个问题。那第一个就是我们在看就是咱们公司的钻井平台使用率都是整体很高的，那市场上这些半潜式钻井平台的供需也是偏紧。那我就想请问一下咱们公司有没有计划去建造一些新的半潜式钻井钻井平台？那第二个呢就是我们的技术服务板块一直在向海外拓展，那市场上也有一些预期说近期可能在中东会有一些突破。那但是近期的这个中东紧张局势会不会对咱们的技术板块的向海外拓展有一些影响？以上就是我的问题，谢谢领导。 I have two questions.

The first question is concerning your rig platforms utilization rate has been high. Then we know that there is a tight demand and supply situation concerning the semi-submersible rigs.

Do you have any plan to build new semi-submersible rigs? My second question is related to the technology segment.

We understand from the market that there is overseas development plan for this particular business segment, and now that there is the war and conflict in the Middle East region, will this plan about achieving breakthrough in the Middle East be affected? 好，谢谢。第一个问题我来回答，第二个问题呢请我们公司副总裁孙维洲来回答。关于这个公司的大型装备发展，从“十四五”呢应该说进入了很快的这个叫紧俏期。“十五五”呢我们预测仍然是在一个紧平衡的这种供应状态。那么在“十五五”呢，我们将对这个钻井平台啊现在开始进入研究它的这个高效低成本建设建设阶段。那么我们基本上锁定了这个基本原则就是以产品化的思维来新建钻井平台。那么这种产品化体现在自主设计、自主研发、自主建设，还有自主改进。从这个以平台建设为主到产业链的控制和完整度的这个修补，那么我们也是我们实际性的这种工作之一。那么这些平台的建设，它有四个比较标志性的特征，就是超可靠、超高效、超集成、超融合。那我们觉得真正新的平台建设出来以后，它会是中海油服精心培育的一个产品来可复制、可推广，来支撑我们“十五五”乃至“十六五”的这个装备需求建设，进一步呢改善我们船队的这个结构。好，谢谢。

In relation to large-scale equipment, during the 14th Five-Year Plan, we have seen a rapid development stage, and then we believe that in the 15th Five-Year Plan, it would be in a tight balance or tight equilibrium position. We are actually expediting our development and also R&D in this regard, hoping to achieve low-cost construction and highly efficient construction as well.

Our principle is one of productization. We are going to capitalize on our self-developed design, our own R&D, our self-construction, in our platform and rig construction work.

We will make sure that we can come up with our own design and own research and development. We believe that there are a few characteristics of the rigs and platforms that we develop and construct, namely that they are reliable, they are highly efficient, intensive, and also there would be a high degree of integration.

We believe that we are able to make quite a lot of improvements in such a way that all such equipment construction work can be replicated and can be further promoted, so that they would be enough to support our future development for the coming five-year plan period.

好，我来回答第二个问题。我先说一下这个技术板块在“十四五”期间，在过去这五年呢，这个整个的公司海外市场发生了一些变化。在“十四五”期间，我们海外市场从这个区域市场这个角度新增加了乌干达、科威特、巴西、加拿大、泰国等市场。另外呢客户方面，我们新增加了那么科威特国家石油、沙特阿美、巴国油、法国道达尔、美国阿纳达科等等客户。那么应该说就像我前面说的，目前公司是在五大洲、13个国家、120个作业点在作业，为不同的客户作业。我觉得“十四五”啊通过我们的努力，应该说叫我们在市场实现了多元，客户实现了多样化。那么这个这个多样化对于我们它的目的是一方面我们的技术、我们的管理得到了客户的认可，另外一个呢很重要的从我们管理角度，我们的抗风险能力得到了保障。再有一个呢就是第二部分我想说一下我们是靠什么来取得了这个客户多样化和市场多样化一个成绩。那么“十四五”期间应该说这个公司在“十四五”初确定了五大战略：技术驱动、成本领先、一体化、国际化和区域发展战略。其中一体化和技术驱动应该说对于我们在海外激烈的市场竞争当中发挥了非常重要的作用。那么目前我们技术板块和一体化在海外销售收入的占比当中基本上在“十四五”在40%到50%的样子。那么一体化业务、技术板块在大型装备板块业务的多样化也为我们提高我们的市场竞争力，这个平衡我们市场所带来的风险，创造了价值。就翻译。

Let me comment on our technology segment. During the 14th Five-Year Plan period, we have seen changes in the overseas market.

In terms of regions, we have newly added Uganda, Kuwait, Brazil, Canada, and Thailand. Then in terms of customers that we serve, we have also acquired new customers, including Kuwait National Petrol, customer in Saudi Arabia, in France, and also in the US.

As I mentioned earlier, we are operating in the five major continents in 13 countries, and we have 120 operation sites. We have already diversified our market and also our customer mix.

This is also a good testimony that our technology and our management is well recognized by our customers. We are even better able to withstand and control risk.

During the 14th Five-Year Plan period, especially at the beginning of that period, we have already established our five major strategies, of which the strategy about being technology-driven and also the strategy of integration have helped us enhance our overall competitiveness, especially in our overseas market and overseas development. These two strategies have already accounted for 40 to 50% of our revenue in the 14th Five-Year Plan period.

For these two strategies, integration and technology-driven, we have also diversified our businesses, and as a result, we have enhanced our overall competitiveness, and we are able to balance out market risks as well. 最后我认为啊，这个战争啊是局部的，也是暂时的，但是呢中海油服市场目前的市场是多市场和客户是多元的，并且不断地多元。在我们的技术的发展，我们方向是明确的，竞争力也是在不断地提高的。我们相信，凭借我们已经建立起来的这种市场基础，这种技术的这种基础，包括管理的基础，我们未来发展的应该说会越来越好。好吧。

We are of the view that the war is going to be temporary and late in nature and also it is rather local in nature, and we will keep on diversifying our market as well as our customer base. Our direction of technology development is already very clear.

Competitiveness is improving. With the market foundation, technology foundation, and management foundation that we have already built, we believe that our future development is going to get better and better.

好的，谢谢管理层的回答，也谢谢各位的提问。我们看看管理层是否有进一步的补充？ 那个那个连线上还有？

问完了。好，那我们把提问机会给到这位女士，谢谢。 谢谢管理层，尤其谢谢赵董事长，因为我这个问题其实因为刚才您提到就是说在这个海外的整个的格局，很多的海外的油服公司进行行业的整合，包括我们在“十五五”其实也是要加大我们的装备的这方面的资源的补充。所以也是想请教一下赵董事长，我们是怎么考虑我们 这个在装备资源这方面的补充的问题？我们是更多的是在国内找新的装备或者是已经成熟的装备，还是说我们在可能会去海外市场做更多的一些包括收并购，包括去海外去借用资源的一些一些补充？所以这个也是刚才您提到的调我们的优化我们的结构，国内国外的这样的一个故事的调整，所以这个是是第一个问题。然后第二个问题呢就是还是想关于想请教一些关于我们的这个，尤其是新的这几年的我们的业务模式和老旧式的业务模式不太一样。因为比如说我们的在北海签的很多的长约的一些订单，然后日费已经固定了。那我们有没有一定的油价的这个联动机制？比如说我们的柴油价格大幅上涨之后，我们有没有一种机制能够去传导一部分的成本？包括国内的市场这段的话这个这个之前成本上涨就可控的，但是油价这么暴涨之后，柴油价格包括油价大幅上涨，这个的压力的话，是不是我们也能跟油公司去传导一部分？好，谢谢。

The first question is about optimization of structure. Just now, we heard from your answers that, especially for overseas business, there is now industrial integration, and during the 15th Five-Year Plan period, you are going to increase your equipment resources.

Regarding this increase in equipment resources, I would like to know how you are going to do it. Are you going to consider new equipment resources within China or the mature equipment resources, or are you going to consider overseas M&A?

I think this is related to the structure optimization between domestic and overseas that you have been talking about. My next question is that your current business model is already different from your past business model.

You have already got the long-term agreement in place in the North Sea area, and the daily fee rates are sort of fixed. Is there any mechanism for the passing on of the oil price increase back to, for example, the oil companies and other companies, because in the past, cost has been controllable, but now that there has been a big surge in oil price, is there any way that you can pass on such oil price increase impact?

Thank you. 好，谢谢你的问题啊。确实像你关注到的一样，“十四五”呢我们获取资源的方式：租、购、建、转，这是比较典型的，是吧？大家呢对于中海油服的重资产认知，这也包括我们 这个也是我们促成我们有这个四个动作的一部分。那么随着公司国际化能力增强呢，还有管理大型装备资源的能力在变强，可以看见“十四五”我们把大型装备管理到了资源供给紧平衡的这个阶段。所以说呢在“十五五”我们换了叫建、购、租、转，仍然是这几个字，但是顺序完全不一样。那么建呢立足于自主设计，刚才提到的四字，是吧？购呢就是真正要讲市场上还是有一些相对来讲性价比比较高高的这些设备，我们还会把它买进来。租呢当然说这个调整到稍后了，因为现在公司这个自主船队的這個比例呢也想稍微把它扩大一些，支撑公司未来的这个增长。另外一个呢就是在北海这个价格传导。价格传导呢固然能形成这个机制固然好，但是呢我们对未来油价的长期判断是中从中国等向下走的这么一个趋势，所以说我们觉得客户也很难。那么现在我们想在北海之所以获得了长期合同，是因为我们投资了一套能源管理系统，把日常消耗的能源全部节省下来，这个给作业者降本，给我们增效。我们争取能实现一种共赢的这种方案去开拓市场，形成自己独有的这种核心竞争力。好，谢谢。这个长了点，不好意思。

During the 14th Five-Year Plan period, as we are increasing our large-scale equipment resources, basically there are four methods for us to do that: leasing, self-construction, transfer, and purchase or acquisition. Right now, we are increasing our development in our internationalization strategy, and as mentioned earlier, the large-scale equipment capability within China is also rising.

Earlier I mentioned the tight balance between resource demand and supply. We have already commented on the self-construction of equipment, and for the buy or purchase strategy, we will consider that when we see resources with high value for money.

For leasing, it has to be left for a later stage because right now we believe that we're going to increase our self-owned vessel fleet in order to support our future development and growth. As regards the price pass-through mechanism for North Sea, if such mechanism can be put in place, it is good.

Then right now we believe that our customers also encounter much difficulty. We have got the long-term agreement signed for the North Sea region.

It is actually because of the energy management system, and we are able to lower cost for the operators, and at the same time we can enhance efficiency. It is actually a win-win situation for both the operators as well as ourselves.

This is also one of our key competitiveness when we operate in this particular segment. 好，我最后再说几句啊。今年呢也是“十四五”的收官之年是去年，那么今年呢也是“十五五”的开局之年。应该说总体上来讲，“十四五”期间，公司的综合实力、创新能力、管理体系取得了这个长足进步。因为我们已经能够隐隐地看到这个中海油服成为一家世界能源公司世界能源资源服务公司的这个雏形。那么应该说“十四五”过了以后呢，给了我们更强的勇气和信心，把中海油服持续打造成世界一流的能源资源服务公司。请翻译。

This year is the final year of the

last year is the final year of the 14th Five-Year Plan period, and this year we will see the start of the 15th Five-Year Plan period. During the 14th Five-Year Plan period, our integrated overall capability, our innovation capability, and our management capabilities have improved significantly.

We have the confidence that we will be developed into a global energy resources and technology company. We have a lot of courage and confidence in achieving this goal.

那么展望“十五五”呢，应该说 发展环境的不确定性显著增强，那公司呢也将进入四期叠加：我们说叫战略功能进阶期，就在集团的地位越来越重要；第二个就是增长动能形成期，我们的技术产品、装备产品都会集中涌现出来，靠产品驱动这种的这个动力和能力在逐步形成；第三个就是发展方式切换期，这种发展方式呢体现了我们从要素投入型转变为知识进阶型的这种典型特征；第四个就是深化改革攻坚期。我们“十四五”做了许多改革动作，真正到“十五五”的时候进入了比较细致的攻关阶段。那么公司管理层呢将在董事会的领导下，持续把这个中海油服打造成一只一个客户友好型、主业突出型、效率优先型、价值引领型的组织，以自身的确定性来应对发展环境的不确定性，那么争取我们在“十五五”末呢让各位投资者能够看到中海油服已经是世界一流的能源资源服务公司。感谢各位投资者的关注，感谢大家今天有时间参加这个会，谢谢。 During the 15th Five-Year Plan, we have actually got four main points in relation to our overall development.

Even though there has been some changes in our strategy, but then we have already consolidated and solidified many of our development strategies. Our future development is going to be centered around all these established strategies.

Even though there is a lot of uncertainty in our development environment, but we will still be firmly adhering to our strategy. Secondly, we will rely on the drive from our technology and equipment products and services to continue our business development.

The third point is that there would be some solidification and changes in our development methods and approaches. In the past, we focused a lot on the major elements input, and this is going to be changed into a knowledge-based approach.

Then finally, we will deepen our reform, many of our reform initiatives started in the 14th Five-Year Plan period, and in the 15th Five-Year Plan period, we are going to refine them. Under the leadership of our Board of Directors, we believe that we will see many friendly customers with very close relationship.

We will be focusing on our core strategies and business segments. We will also center around our efficiency improvement and value improvement.

With all these, we believe that we can gradually develop ourselves into a first-rate global energy technology management company. Thank you all for spending time with us today.

The company will continue to maintain communication with you through various channels. Today's session is now concluded.

Should any investors wish to engage in further dialogue, please feel free to contact our IR team. We look forward to seeing you again next time.

Thank you.