Distinguished leaders, investors, and analysts, good afternoon. Thank you for joining us today for the China Oilfield Services Limited, COSL, first quarter earnings conference call.

COSL is one of the world's largest integrated oilfield service providers. Our services span every stage of oil and gas exploration, development, and production.

Our operations are categorized into four core segments: geophysical and engineering exploration, drilling services, well services, and marine support services. By leveraging our integrated capabilities, we provide clients with full lifecycle oilfield solutions.

We remain highly responsive to evolving trends in the international oil and gas markets, while steadfastly prioritizing technological innovation as our leading strategic driver. We continue to refine our lean cost control measures and actively promote the synergy between domestic and international markets, the so-called dual circulation strategy.

We are committed to translating our premium equipment and technical prowess into a leading market position, striving to deliver robust performance to reward our shareholders and society at large.

First, please allow me to introduce the member of our management today joining us, Mr. Qie Ji, our Chief Financial Officer.

Today's conference will consist of two parts. First, our CFO Mr.

Qie Ji will provide an overview of the company's performance for the first quarter of 2026, and then this will be followed by a Q&A session. I will now turn the floor over to our CFO Mr.

Xie.

尊敬的各位投资者、分析师朋友，大家下午好。中海油服于昨天下午发布了2026年第一季度未经审计的财务报告。2026年第一季度，面对国际地缘政治动荡与油价剧烈震荡的复杂形势，公司通过资源精益化管理、成本体系化管控及业务多元化发展，系统性增强服务保障能力，持续强化深水及低碳技术能力，各业务板块协同发力，为全年高质量发展奠定良好基础。本期，营业收入为人民币112.96亿元，同比增幅4.6%；利润总额为人民币11.6亿元，同比增幅2.4%。下面分板块简单向大家介绍如下：钻井板块，以精益管理提质增效、实现资源动态调配为目标，一季度整体受业务作业计划及修船安排影响，钻井平台共计作业4766天，同比减幅2.5%。因海外巴西项目作业同比增加，半潜式平台利用率同比提升6.5%。技术板块，公司不断加速科研成果转化与自有技术产品智能制造，持续深化产业链协同创新，系统推进原创型技术攻关，促进创新技术成果产业化转——产业化转化，为业务高质量发展注持续动能。一季度，油田技术服务主要业务线作业量及受雇规模同比均实现增长。船舶板块，一季度公司船舶服务作业共计21521天，同比增加900天，增幅4.4%。公司持续为海洋能源开发注入清洁动力，多艘船舶于国内率先使用LNG加储能电池动力模式，实现节能、减排与运营质量的协同提升。物探板块，板块整体营收同比保持小幅上行，二维采集作业量因海外东南亚项目启动同比大幅增加，三维采集服务受同期阿根廷项目、国内海南项目作业结束，期内作业量同比有所回升。公司将紧跟油气市场风向标，积极应对行业变化新挑战，专注各主营业务布局，提升全球资源配置和高端市场开拓，同时继续加速科技成果的工程化、转化和产业化落地，加快构建全链条自主可控的海洋能源资源服务产业体系，期待与客户、员工、伙伴、股东实现共赢。谢谢各位，以上是公司一季度的业绩情况，下面欢迎大家提问。 谢谢管理层的介绍。现在我们将进行提问环节。为了让更多投资者朋友有提问机会，请每位提问不要超过两个问题。提问之前，请告知您所在的公司和姓名，并请注意，我们将在问答环节提供交传。在您提出问题后，请留出一些时间进行口译。大家好，如需提问，请在话机上按星一键等候，先按星号键，再按数字1键，谢谢。

Thank you, Mr. Xie, for the presentation.

We'll now proceed to the Q&A session. To allow more investors the opportunity to participate, please limit yourself to no more than two questions.

Before asking your questions, please state your name and company affiliation. Please note that consecutive interpretation will be provided throughout the Q&A session.

We kindly ask you to pause after each question to allow time for the interpreter. Now, if you wish to ask a question, please press star 1 on your telephone keypad and wait for your turn.

That means that you shall press the star key first, followed by the number 1. Thank you.

现在有请光大证券机构的赵乃迪老师开始提问。已为您开启声音，请您开始提问，谢谢。

invite... 哎，谢谢，谢谢翻译。谢谢管理层。我是光大证券的赵乃迪，非常感谢有这样一个提问的机会。那么我这边有两个问题。第一个问题是，我们看到在国家能源安全的战略下，中海油增储上产持续加深，加码深水，还有南海复杂区块的一个业务。我们看到一季度公司在深水的半潜利用率这块也有了一些提升，然后我们想请问一下全年深水的那个[cough?]

不好意思呢，全年深水的那个钻井日费和作业量的指引，这块是否可以给我们一个指引？然后我们想问一下与国际的国际的油服公司在深水的这个技术这块，我们的竞争力对比如何？第一个问题。

I am Zhao Naidi from Everbright Securities. I have two questions, starting by the first question.

As we can observe that with China's national strategy of ensuring national energy security, COSL has been increased production output as well as reserves, in particular with remarkable achievements in the deepwater area and South China Sea. We have also seen that you have increased utilization of your semi-sub platform in deepwater area in Q1.

The first question concerns, can you give us a guide on the day rate forecast and operational volume of your deepwater platform throughout the year? That's the first part of the first question.

The second part is, how do you see your competitiveness against international oil service giants? Thank you.

然后第二个问题是，我们看到今年的油价，一季度整体的油价呢，进入3月份开始，整体油价因为一直比较高，然后我们也看到了在这样一个地缘政治冲突不断、油价高企的这样一个背景下，国家的能源安全已经成为一个更加重要的一个议题。我们和很多投资者都有预期，未来国家会在能源安全领域继续加码。然后，我们也想请问一下公司领导，咱们公司自己的一个实际的作业量这块，还有后续的一个工作量预期，包括资本开支是否感觉已经有这方面的一个感觉，以及我们未来对今年全年整个的一个工作量的一个订单预期是否有增加这样的一个感觉和预期？谢谢领导。

The second question is we have observed that oil prices have been skyrocketing since beginning of March and have remained at high level, in particular given the high oil prices and given the current geopolitical conflicts. China's national energy security becomes all the more important.

Me and a lot of other investors all agree that Chinese government will do more in safeguarding its national energy security. The question is, how do you see the status quo of your operational volume, and do you have any forecast for your operational volume down the road as well as CapEx forecast?

Do you feel the same as I have just introduced? In particular, how is your order reflecting such a new situation?

Thank you.

好，感谢你的提问啊。这两个关注点呢，一个是都还是比较偏宏观一些，另外一个呢，还是希望能听到公司未来的一个展望，那偏未来一些。我尝试着呢，给你做一下简单的分享。先回答第一个问题啊，就是公司一季度深水的半潜整体表现良好，主要得益于呢，还是我们海外，尤其是巴西这个南巴，这个同期的这个作业天数是增加，因为它是去年11月份开始作业的。当然国内整体的这个半潜的工作量也是相对保持平稳。并且呢，这个随着这种半潜价格的这个执行吧，这个确实有的半潜的价格稍微往上调了调，所以呢，总体来说，在工作量同比略降的情况下，整个公司钻井平台国内的一季度收入还是能够实现增长。关于全年，因为这块呢还是要涉及到我们上游甲方的全年的工作安排，我们也在保持跟他们的一个动态的沟通，希望能够这个满足他们实物量，或者是由于中东地缘政治影响对我们资源的需求。谢谢。

You have touched upon two questions, one more concerning the macro side, another more about our forecast. I'll try to answer both of the questions briefly.

Firstly, on the whole, our deepwater semi-sub platforms have been doing quite well for the first quarter of this year, mostly benefiting from our overseas operations, especially operations in Brazil, south part of Brazil, which have seen clearly improved operational days because that platform was not became operational until September last year. As for the Chinese business, our semi-sub platforms operational days or operational volume have maintained relatively stable as new prices become executed.

To be honest, some of the semi-sub platforms price have increased slightly. This offset the slight decrease of the actual operational days of our semi-sub, which maintained the overall increase of our drilling platform services.

As for the full-year forecast, because we are waiting for the whole-year forecast from our clients, we maintain dynamic conversations with them, hoping to satisfy their requirements of resources in either against the geopolitical situation in the Middle East or in the new era of the 15th Five-Year Plan period. Thank you.

关于您的第二个问题呢，我是这么理解的。首先呢，还是要研判油价上升和中东局势的趋势性发展的一个变化。因为大家也都能看到，其实也有110多、120，甚至现货价格更高，甚至WTI超过了布伦特，但是也有前两天降到了80多。所以这种波动，某种来讲，它已经不再是完全的这种可预期性比较弱。我们也相信所有的油商会做出自己的一种比较可持续理性的判断。至于国内，中海油呢，其实一直是希望能并且努力成为国内油气增产的主力军。据我了解，一季度国内的原油产量仍然是在上涨，而且应该是在占国内增量呢应该也是相当大的比例。我们也会跟刚才第一个问题一样，还是继续关注中国海油这个资本开支的调整，以及它的全年计划的这种调整。我们做的工作就是充分提供资源进行保障。回答完毕。

As for the second question, I think that we still need to investigate and analyze how things change regarding the oil prices and regarding the Middle East situation, because we've seen spot prices as high as more than 110 or 120 and even higher, and at one time WTI was even higher than Brent. However, over the past couple of days, we do see spot went down to about 80 plus.

Such volatility has already become something that we can barely make any forecast about. I still believe that oil and gas suppliers will make sustainable and rational judgment on their part.

As for domestic China situation, CNOOC is working to become a leading supplier, contributing to oil and gas production increase in China domestic, and we have also seen that their crude output for Q1 increased and they contributed a large part of the output increase of crude oil coming from China. Again to align with the first question, we will keep observing CapEx adjustment and whole-year forecast adjustment made by CNOOC, and we will provide resources to provide guarantee to their request.

Thank you.

I will now... 哎，谢总您好。谢总您好，我有两个小问题想请教一下。第一个呢，我就看到我们一季度这个财务费用还是增加得比较多的，我相信里面其实是有一个汇兑损失吧？能不能麻烦谢总跟我们这个讲一下里面其实是比如说损失有多大，那这个是怎么有产生这个损失？第二个呢，就能不能麻烦谢总这个这个分享一下比如说我们各个板块在一季度的比如说收入啊、盈利方面的表现？好，谢谢。

Thank you very much. Lawrence from BOCI, Bank of China International.

I also have two questions. The first question is that I've seen that in the first quarter of your finance expenses, there was a large part of exchange losses.

Can you walk us through to what extent or how large such losses and why there was such a loss? Secondly, I would like you to walk us through the income and profit performance of the first quarter.

Thank you.

好，感谢你的提问，我先回答第一个问题。财务费用2026年一季度主要是汇兑损失将近3个亿，3亿3.03个亿，比去年同期大概是多2.8个亿左右的一个损失。这个损失的主要原因是因为这种会计方面的记账本位币和这个这种与这个海外子公司往来之间这个余额产生的这种汇兑差异。这个应该说并不是这种海外经营规模扩大带来的必然的这种分布。这个差异呢，因为这个往来的存在，规模在这，所以呢它的这个差异一直会有。请翻译。

Okay. Thank you very much for asking the questions.

Regarding your first question about our finance costs, indeed in Q1 2026, we have seen exchange losses to the amount of around 300 million, 303 million to be more specific, which is 208 million higher than the same period last year, mainly because of the accounting denomination currency that we use and we have business dealings with overseas subsidiaries and the balance contributing to that number that you have seen. It's not necessarily a result of our increased business scale overseas.

However, as we keep dealing with our overseas intermediaries, the balance and the number will always be there. Thank you.

继续回答，再展开回答一下。公司呢已经高度关注汇兑损失或者是汇兑收益对公司这种正常经营业绩的扰动，甚至也会带来困扰，所以呢我们也正在研究相关的方案。待方案成熟后呢，看看及时采取——适时吧、择机吧，这个采取相关的这个测试措施。希望达到的效果呢，就是尽可能的关闭这种会计处理导致的外币敞口对公司的这种经营的扰动。当然我们措施会有很多，比如说我们会探索一下调整记账本位币，比如说我们会调整一些非营业单位的这个记账本位币等等，包括包括做一些必要的债转股的一些措施，这个呢我们还在研究。回答完毕。 To elaborate further on this question, we are very much aware of either exchange profits or losses as a result of the situation that I've just introduced and how it affects or even disturbs the operating performance of the company.

We are even bothered by that. We are currently examining and looking at some possible solutions to take measures at the right time.

We choose the timing to take measures for the purpose of closing any influence on the normal operation of the company as a result of such FX exposure arising from accounting treatment. Measures include, but not limited to, adjusting the functional currency that we use in bookkeeping.

Thank you.

第二个问题呢，我也简单的再给大家介绍一下公司一季度的这种营收的这种表现。应该来说呢，刚才主要的数据都已经给各位投资者进行了汇报，我们认为呢还是好于预期的。这里边呢，具体讲的主要就是第一呢，钻井板块国内国外，无论是收入还是净利的亦或是净利润率，都同比可以实现一个上涨。第二呢，就是我们技术板块也是国内国外，特别是技术板块的国外，营收也是好于预期，净利润率同比实现达到将近18%，应该也是国内国外的这个技术板块的净利润率都实现了一个增长。船舶和物探呢，保持一个相对的稳定。请翻译。 Then

when comes to a specific breakdown of our revenue and the profitability, on the whole, things are better than expectation in terms of segment breakdown. For our drilling service, domestic and overseas, revenue, operating margin, and operating profits, all three are better compared with the same period last year.

In terms of the well services, domestic and overseas, with especially overseas, revenue performed better than expectation. Operating profit margin reached around 18%, 18%, and both domestic and overseas well service revenue and profits have increased year-on-year.

As for geophysical and vessel service, both performed stable. Thank you.

我再补充一句。其实从抛开这个汇兑损失以外呢，其实公司整体的净利润2026年一季度实现了15.3个亿，同比呢是达到了将近22%的一个增幅。打开国内国外看呢，国内、国外增幅都分别达到了同比增长20%以上。应该说呢，整个公司的正常经营这个面是比较好的。请翻译，回答完毕。

To add one more thing about the operating profits. For the first quarter of this year, operating profits of COSL reached 1.53 billion, an increase of 22% year-on-year.

Both domestic and overseas have increased 20% year-on-year, which means that the company's normal operations have been rather good, excluding or aside from whatever impact that we suffer from the exchange losses. 谢谢谢总。

现在有请中金公司的严贝娜老师开始提问。已为您开启声音，请您开始提问，谢谢。

好的。那谢总，就是我们关注到，就是我们jack-up的这一块作业稍微有些变动，然后它的这个修理计划还有导致这个日历总天数也有点下降，能给我们具体讲讲？那如果这个修理结束的话，那是不是意味着我们二季度还会有个比较明显的、一个环比的改善？那么第二个我的问题呢，还是想了解一下中东目前的情况。因为我们也看到，就是3月份呢有一些这个中东的承包商其实大家都有一些停掉作业，但从4月中旬开始有一些程度上的这个修复，比如像Borr，然后他们的一些4座平台也已经完全恢复作业了。那对我们现在中东的这个业务，大概有怎么样的一个现在的最新的跟进？好，主要就这两个问题。

Yan Beina from CICC. I have two questions.

The first question is about your jack-up, because I've noticed that your jack-up platform's utilization days in Q1 of this year went down a little bit because of some scheduled repair and maintenance scheme. The question is, after the maintenance and repair complete, do you see their utilization days increase in Q2 compared with this quarter?

My second question is about your business in the Middle East, because we do see some pause in the operation of some contractors in the Middle East in March. However, starting from mid-April, a lot of contractors have recovered their operations.

I wonder how that will impact your Middle East operations. Thank you.

感谢你的提问，我先回答第一个问题。关于这个平台这个这个这个这个问题，一季度呢，公司的平台的修理天数较同期呢还是有一个明显的上涨。这个上涨呢是在公司的计划范围之内。总体来说，今年的修船计划应该是要比往年要多一些，这个是要多一些。一季度主要集中在国内的自升，半潜基本持平。但是呢，这个这个修理天数的增加呢，也被公司这种高日费的执行，无论是国内的自升还是国内的半潜，亦或是挪威的高日费的充分释放，以及巴西高日费的新新增的这个增量，把这个收入损失的这个工作这个这个修理天数增多的这个对收入的影响给它填——给它弥补了。至于说二季度，公司呢关于修船的计划呢还会动态的跟所有甲方的作业安排做一个衔接。回答完毕。

To

answer your first question, indeed in Q1, our jack-ups repair days have increased significantly compared with the same period last year. Such repair has already been planned for by the company, and you will find that throughout the year of this year, there will be more repair days, scheduled repair days of our platforms compared with previous years.

For Q1, mostly such repair are concentrated in our jack-up platforms domestic, and our semi-subs repair have maintained stable. You will also find that whatever impact the increased repair days of our platforms has on our company's revenue has already been offset by the high day rate of China domestic jack-ups and semi-subs, and the execution of the high day rate in Norway, and increased part contribution by Brazil.

Thank you.

第二个问题呢，公司中东的这个基本情况，应该说战争是从2月28号开始打起，公司呢一季度目前并没有因为中东的战局造成对一季度这个经营造成重大的影响。但是确实从3月下半旬已经陆陆续续能够感受到一些受战争的影响。这里边呢详细的展开说一下呢，就是在沙特和科威特的5条自升式半潜平台截至到目前，仍然是处于一个作业和收费的状态。公司在这个伊拉克的陆地的一些钻机业务确实受到了伊拉克减产的影响，陆续的在进入待命的状态。请翻译。

There is one more thing I want to add for your first question, because there is a part about our repair plan for Q2. Such plan will be very much aligned with the operational plan of our clients.

That's about the first question. As for the second question, the situation in the Middle East.

The war occurred or took place in the Middle East on the 28th of February, in Q1, the situation didn't impact us in didn't impact us in a major way. However, we do gradually start to feel such impact starting from mid or late March.

Specifically, our jack-up and semi-subs in Saudi Arabia and Kuwait maintain operational and keep charging. However, the land rigs in Iraq has been affected by the decreased output in Iraq, and such impact is already being felt.

Thank you.

公司应对中东的这个变化，主要也是采取了两个措施，主要吧，两个措施吧。一个呢就是我想想啊，一个呢就是还是加大了在中东的业务线的布局，包括我们3月份呢也是拿到了技术板块的一个长期大金额的作业的合同，包括我们继续还是在伊拉克也新增了钻井总包的这个合同。第二个呢，还是依靠油服的这种全球作业布局的这种优势吧，通过在东南亚我们也陆陆续续在无论是在地震还是在这个美洲那边的一些总包，也仍然是取得一些比较好的进展。希望这些增量能够对我们中东的影响予以一定的抵消。同时呢，公司也会紧密关注中东局势的进展，随时做好甲方这个开始作业的这种作业安排，并且这种充分寻找这种新增的这个可替代同行业者的一些作业机会。请翻译。 Then

regarding your question about the Middle East changing situation, we basically will take two measures in response. One is to try to scale up our businesses in the Middle East.

Let me give you some examples. We have recently secured a long-term, large-value contract for our well service in that region, and also we have secured a turnkey or EPC contract for our drilling service in Iraq.

In addition to that, given our global landscape, leveraging such advantage as a global player, we try to have opportunities in ASEAN, as well as in America as an EPC contractor. We already see progress in both fronts.

The increased business we hope can hopefully offset the impact as a result of Middle East. On the other hand, we keep a close eye on the Middle East situation and make plans so that we are always ready when our clients are ready to resume their operations in that region.

Thirdly, we will seek opportunities as maximum as we can try to replace some of the players. Thank you.

现在有请国信证券的董秉序老师提问。已为您开启声音，请您开始提问，谢谢。

From Guosen Securities, my question is, I noticed that a couple of days ago, COSL announced a cooperation framework agreement with a player in Kazakhstan, because when comes to the Middle Asia, COSL is a new player or Middle Asia features new in your global landscape. Can you walk us through the overall market of oilfield services in Middle Asia, or specifically in Kazakhstan?

I would appreciate it very much if you can give us more details on when do you expect the cooperation become more of a substantiality. Thank you.

好，感谢你的提问。这个因为这个受到这个专业的一个限制啊，这个恐怕我尽可能把我所知道的跟你进行一个交流。应该说中海油，甚至是中海油服其实远离中亚——东亚的这个市场时间已经很久了。这次的重新进入呢，应该说也是双方意向的一个选择。前段时间这个赵顺强董事长亲自去哈萨克斯坦，与他们完成了这个框架协议的签订。应该说呢，是对公司全球布局增加了非常非常有希望的一个增长点。请翻译。 Thank you for the question.

Due to the limitation of my professional knowledge, I can only share with you to the best of my knowledge. For COSL and for CNOOC, Middle Asia or Central Asia has been an area that we have left for a long time, and re-entry into this place is something of significance.

Not long ago, the Chair of the Board, Mr. Zhao, went personally to Kazakhstan to sign the cooperation framework agreement that you have just mentioned, which will add a very promising point to the global landscape of COSL.

目前呢，我们也对这个该国的基本的情况呢进行了初步的调研。总体据我所知呢，第一呢就是该国的目前的石油资源呢以滩涂为主，并且呢还是会容易受到极寒天气的影响。因此呢，各方各业务线如何去下一步开展工作，包括会围绕固井、泥浆，包括我们的定向随钻以及单开采储量的方案，正在团队们正在紧密的配合，并且呢也有了一个初步的提——这个初步的一些测试井吧，的一些作业的计划的安排的讨论、具体的讨论。这个随着后边方案的逐步落地，我们有具体的信息再跟大家去报告。请翻译。

With this,

we have conducted some preliminary investigation into the basic oil reserve situation of that country, and we find that mostly the reserves are in the mudflat area and very much prone to extremely cold weather. The plan will mostly request efforts by our colleagues from the cementing business area, directional drilling, LWD, and the colleagues specializing in other areas to work together.

We are currently having discussions on creating operational plans for some test wells. As more of the details of such plans are coming out, we will be happy to share with all of you more details.

Thank you. 谢谢谢总的解答，我这没有其他问题。

现在有请美国银行的王依敏老师提问。已为您开启声音，请您开始提问，谢谢。

谢总下午好，感谢给我提问的机会。就是我其实是想追问一下这个咱们这个汇兑这一块。所以计入利润的应该是这个交易差，就是transaction difference，然后translation

Thank you. From Bank of America, I have two questions.

For the first question, I would like to pursue further on the exchange losses, because we know that exchange profits or losses, only transactional differences are recorded in your profits. As for translational differences, such differences are recorded in your OCI.

I wonder whether the appreciation of RMB has affected your dollar-denominated contracts already signed. Also, I would like to ask, because you mentioned that your semi-sub platforms day rate have increased, may I ask whether such increase is observed in domestic China or is it because you have made adjustment of your day rate because of the RMB appreciation trend that you'd expect will continue down the road?

One more part of the question is, if RMB keeps appreciating, whether exchange losses will keep being recorded in your profits in the future? My second question is, regarding your well service, can you walk us through a more breakdown of your revenue and profits in Q1?

Thank you.

好，我先回答你第一个问题。其实我我我用具体数字来跟大家去算一算，用简单的数字去算一算，然后你们就能理解了。首先，如果母公司给海外这个钱款，比如说给了10万美元，那么母公司报表比如一开始给7，那就是70万人民币，折成这个人民这个折在母公司报表就是70万人民币。如果咱们说极端一点，汇率变成6了，那么母公司的报表的這個应收海外往来款就变成60万。那么这10万就是一个汇兑损失。那么对海外的单位，因为它是美元记账，所以呢它的一直会体现就是10万美元。但是根据合并的这个调整，根据合并的要求呢，10万美元之间是可以在合并报表的时候进行抵消的，但是我母公司出来的这10万的汇兑损失是无法进行抵消的，就是记入到财务费用。尝试着翻译一下，因为太专业了。 好的。So,

to answer the question, let me give you a very simple example using specific numbers so that you understand it more easily. Let's assume that the parent company transmits $100,000 through its overseas subsidiary, the $100,000 is reflected on the balance sheet of the parent company as 700,000 RMB if the exchange rate is 7.

In an extreme situation, if the exchange rate goes to 6, which means on the balance sheet of the parent company, the 700,000 becomes 600,000 and the 100,000 is naturally recorded as exchange loss. For the overseas subsidiary, because the 100,000 RMB is not $100,000 does not change because everything is priced in US dollars.

In doing balance sheet consolidation, $100,000 can be balanced out, but the 100,000 RMB as a result of exchange loss is recorded as finance expense. Thank you.

当然毫无疑问，如果人民币对美元的汇率一直呈现单边升值的这个趋势，那么可能确实汇兑损失的因为受到刚才举例的这个汇兑损失还会略有所增加。这个所以就是我刚才提到的，就是我们现在要尽可能最大努力的把10万美元把这个敞口通过不同的方式，我打个比方，也许我缩到1万美元，可能它受到这种汇率波动的影响就会比较小。拉长了看，我们也回顾了十四五期间公司我印象中应该是21年和22年吧，还是2022年、2023年，就分别呈现出当年一个非常大的汇兑收益和一个非常大的汇兑损失。整个十四五期间汇兑的影响对公司大概是整体是4,000万。请翻译，回答完毕这个问题。

If, say, RMB keeps appreciating against the US dollar, the exchange loss that you will find on our balance sheet will expand as a result of the example that I just mentioned. We are working on taking different measures, trying to narrow the 100,000 USD exposure, taking different means, for example, including narrowing it from 100,000 to 10,000 in order to minimize the impact.

If you take a look at a longer time frame, throughout the 14th Five-Year Plan period, in between the two years of 2021, 2022, there was one year a major exchange profit and the next year a major exchange loss, but the overall impact on the company's balance sheet throughout the 14th Five-Year Plan period was 40, 4-0 million. Thank you.

关于你第二个问题呢，应该说，哦，也不是第二，还是第一，这就相当于三个问题啊。关于半潜呢，就是应该说今年整体的半潜的费率没有明显变化，但是呢一季度公司国内有一条这个半潜，无论是它的费率确实出现了上涨，另外呢就是这个船的使用率非常高，达到了将近100%，所以呢这个是对整个半潜的有了一个显著的提升。目前公司海外的半潜这种费率，因为签的都是长期的固定合同，没有一个明显的变化。回答完毕。

As for the second part of your first question, you have actually raised three questions, regarding the semi-subs, on the whole, day rate of our semi-subs for this year did not change in any major way. However, there was indeed one semi-sub in domestic China, the day rate has increased significantly in Q1 and its utilization rate reached almost 100%, which greatly contributing to the revenue increase of our semi-sub.

As for overseas semi-sub platforms, because we have signed long-term fixed-rate contracts with the clients, therefore, there wasn't any major change. Thank you.

另外你的另外一个问题呢，整个公司技术板块一季度实现的收入是60.7个亿，60.7亿元，同比增幅5%，主要是受到了海外这种一体化带动的技术板块的这种快速的增长。技术板块一季度实现的净利润是11.1个亿，同比增幅18%，同样也是国内国外都有所增长，尤以国外为主。利润率方面呢，技术板块一季度18.2个——18.2，也是同比实现了一个将近两个点的一个增长。国内达到超过20，应该说是一个利润贡献的主要的主要的来源。这里边呢，也是是因为去年同期有一些一次性的减利因素，所以今年体现了一个比较好的上涨。后边呢，我觉得一个呢还是看公司继续加大这个在海外技术板块的新签合同的工作力度，包括我刚才也提到了，虽然中东有战事，但是我们依然增加了技术板块的一个这种高价值的固井的这种长期的合同。这个我们也相信这个技术板块虽然可能后续也许也许可能短时间会受到一些影响，但是可能大家也看到，包括我们在伊拉克同时有4口井在实施全机作业，应该说越来越被市场认可，也为我们后续大规模的加快这个进入中东市场提供了一个比较好的基础。请翻译，谢谢。

As for the well service business segment, in Q1, the revenue was 6.07 billion, an increase of 5% year-on-year, mainly benefiting from the integration trend of our overseas business, which is growing very fast. In Q1, net margin was 1.11 billion, an increase of 18% year-on-year.

Both domestic and overseas have increased, especially overseas net margins has increased. As for well service margin rate in Q1, the margin rate was 18.2%, an increase of 2 percentage points year-on-year.

Domestic margin rate exceeded 20%, becoming a main contributor of our profit margin increase in Q1, mainly because last year there were certain one-off factors reducing our margin, and such factors becoming absent this year contributed to the margin increase. Going forward, we will continue to work harder in securing new contracts for our well services.

As mentioned, despite the war in the Middle East, we still managed to secure one high-value long-term contract for cementing service. I believe that for all the impact there will be, such impact is only short-term.

As you can see, we still have four well leader drill log systems operating simultaneously in Iraq, which will help us gain increasing market recognition and help us accelerate our business scale-up in Middle East. Thank you.

谢谢谢总。 由于时间关系，我们现在接通最后一位投资者进行提问。

In the interest of time, this will be the last investor. 现在有请长江证券的占灵星老师提问。已为您开启声音，请您开始提问，谢谢。

谢领导，这边有一个问题，就是想请教一下在未来的十五五期间公司的一个股东回报方面，它是不是会未来会像逐步的提升那个派息率，是不是有没有初十五五期间的一个规划？ From Changjiang Securities, the question is about your shareholder return plan for the 15th Five-Year Plan period.

Do you have any plans to increase your dividend payout to the shareholders? Thank you.

好，感谢你的提问。应该说呢，投资者的回报是公司开展所有经营业务的一个高度关注的事。从2025年公司的每股收益的这个增长，大家也能看到，应该说是充分体现了公司归母净利润20%多的一个增幅。我觉得呢这个就是在充分践行投资者的这个尊重投资者、重述投资者的这个理念。请翻译。

Thank you very much for the question. Giving back to investors or investor return, it is fair to say, is the purpose and the center focus of all the business and operational activities of the company.

As you can see, the increased EPS is a reflection of the 20% net margin increase of the net profit attributable to the shareholders, which is testament to the fact that we respect and give back to shareholders.

公司十四五期间，应该说营业收入实现了300、400到500亿的突破。目前十五五的具体规划还在调整当中，我们还是希望在十五五期间能够继续实现这种对公司来讲的跨越式的增长。至于这个分红呢，还是希望能够把公司的成长与投资者充分的分享，这个靠的就是我们业绩的硬增长，也是靠着我们还是有充足的现金流可以予以保障。这个分红率方面，我们还是希望能够做到这种相对同期的稳中有升。回答完毕，谢谢。

Throughout the 14th Five-Year Plan period, you've noticed that our revenue or our turnover increased from 30 billion to 40 billion and to 50 billion, exceeding 50 billion. We are still making plans and adjusting plans for the 15th Five-Year Plan period, but the hope is that in the next five-year, our revenue can achieve another milestone increase as we have seen before.

As for the dividend payout, we, of course, hope to fully share our growth with shareholders. This is very much dependent on the business growth of the company and strong cash flow situation of the company, and on the whole, the payout ratio, we hope the payout ratio shall be stable with increase.

Thank you. 好，谢谢领导回答。

感谢各位的提问及各位管理层的详细解答，感谢大家对中海油田服务股份有限公司的关注与支持。由于时间关系，此次业绩发布会即将结束。如果您还有更多的问题，欢迎随时联系公司投资者关系部门。本次会议到此结束，谢谢。 Thank you for the questions and thanks to Mr.

Xie and the management team for their detailed insights. We would also like to express our sincere gratitude to everyone for your ongoing interest in and support for COSL.

Due to time constraints, this earnings conference call is now drawing to a close. If you have any further questions, please feel free to reach out to our IR department anytime.

This concludes our conference call for today. Thank you all, and have a nice day.