The information contained in this presentation is intended solely for your personal reference. In addition, such information contains projections and

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2 The information contained in this presentation is intended solely for your personal reference. In addition, such information contains projections and forward-looking statements that reflect the Company s current views with respect to future events and financial performance. These views are based on assumptions subject to various risks. No assurance can be given that future events will occur, that projections will be achieved, or that the Company s assumptions are correct. Actual results may differ materially from those projected. Past track record cannot be used as guidance for future performances 2

3 目录 Contents Results Overview Segments Review Company Prospects 3

4 RMB million Change Revenue 22, , % Operating profit 5, , % OP margin 25.4% 27.0% 1.6pp Net profit 4, , % EPS (RMB) % RMB million Change Total assets 74, , % Total liabilities 42, , % Shareholders equity 32, , % Cash &cash equiv. 9, , % Change Debt /Asset 56.9% 56.1% 0.8pp Net debt /Equity 60.8% 75.8% 15.0pp Note: The above financial data are taken from the Company's audited financial reports prepared in accordance with Hong Kong Financial Reporting Standards 4

5 Domestic Revenue International Revenue ( in RMB million) 5,174 (28%) 6,879 (31%) 13,253 (72%) 15,225 (69%) Domestic increased 15% International increased 33% 5

6 Europe Pioneer received recognition Innovator commenced operation Promoter received AOC certificate 2 accom rigs secured contracts 28% Americas 12% 26% 4 module rigs renewed contract Confidence/HY936 secured longterm contracts A newly constructed module rig secured contract 8% 26% ME and North Africa Land drilling(iraq) performed well Logging and well cementing progressed satisfactorily logging contracts renewed for 3 yrs for UAE client Southeast Asia Boss provided drilling to BP BH8 won Husky project HY718, HY719 etc won Pakistan, Thailand and Myanmar projects 6

7 COSLPioneer COSLInnovator COSLPromoter South China Sea Basin of Pearl River Estuary Source: CNOOC Ltd Locations of operations of semisubmersibles in North Sea Drilling HY981 commenced operation NH8 commenced operation in late 2012 Innovator commenced operation in late 2012 Well Services Self-developed deepwater drilling fluids and cement slurries system, filling the technology vacuum in China Related technical services entered deepwater business along with NH8 MS&T Addition of HY681 and HY683 deepwater vessels Geophysical & Surveying HY708 completed a christmas tree recovery and installation operation, up to 1,500 m HY720 broke several 3D seismic collection records in China South Sea 7

8 Safety and Risk Mitigation Improvements on emergency regulations Safety drills for better emergency preparedness Strengthened risk management and investigation to minimize occurrence of accidents Promoted Environmental Protection Energy consumption per output unit decreased 3.5% Recovery and disposal of pollutants in accordance with the regulations OSHA* NH502 conducting fire drills 1. According to OSHA standards, coefficient 1 representing one accident per 200,000 man-hours Oil spilling drills by HY688 8

9 Enjoyed Preferential Tax Rate. Maintaining a High-Technology Enterprise Status Breakthroughs in Key Research Projects. Applied More Widely in Actual Operations High precision seismic collection system Hailiang passed testing LWD system and rotation directional drilling system completed on-site tests Electron Magnetic Resonance Logs Tools (EMRT) stepped into industrialized operation Cement slurries system for deep-water cementing established a solid foundation Unit: Item Total number of patents owned EMRT completed the first overseas operation Hailiang 海亮系统的引起了 system attracted attention 国内外的关注 domestically and from overseas 9

10 Ratings in Front Rank of Global Peers Moody s S&P Fitch Schlumberger A1 (Stable) A+ (Stable) - Halliburton A2 (Stable) A (Stable) A- (Stable) Baker Hughes A2 (Stable) A (Stable) - COSL A3 (Stable) A- (Stable) A (Stable) The US$1 Billion Bond Issue The first US dollar denominated bond issue by an Asian oil services company The first bond issue by COSL in a global debtcapital market 10-yr bonds at a coupon rate of 3.25% Completion of the issue lowered Company s avg funding cost to 2.0% Diamond A3 (Stable) A- (Stable) - Ensco Noble Baa1 (Stable) Baa1(-ve) BBB+ (-ve) - BBB+ (Stable) Transocean Baa3 (-ve) BBB- (-ve) BBB- (-ve) Precision Ba1 (Stable) BB+ (Stable) Weatherford Baa2 (-ve) BBB (-ve) Assisting internationalization Alleviated funding pressure Expanded financing channels Further enhanced debt profile 10

11 Included as a constituent stock of FTSE China A50 Index, SSE Corporate Governance Sector and Hang Seng (China A) Corporate Sustainability Benchmark Index Received China Corporate Social Responsibility Outstanding Enterprise Award Named 2012 Top 50 Best Board of Directors of Listed Companies in China, 2012 Top 20 Best Board of Directors of State-owned Holding Listed Companies in China, Best Investor Relations by a Chinese Listed Company Award in the China Securities Golden Bauhinia Awards Series By Fortune: Most Innovative Enterprise in China

12 目录 Contents Results Overview Segments Review Company Prospects 12

13 Revenue by segments Operating profit by segment 51% 22% 13% 66% 10% 14% 10% 14% 钻井 Drilling 油田技术 Well Services 钻井 Drilling 油田技术 Well Services RMB million 船舶 MS&T 物探 Geo&Surveying RMB million 船舶 MS&T 物探 Geo&Surveying 18.3% 9,515 11, % 3,430 3, % 5.6% 35.7% 23.0% 3,950 4, % 25.7% 2,945 2,534 3,050 2, Drilling Well Services MS&T Geo&Surveying Drilling Well Services MS&T Geo&Surveying 13

14 35 Drilling Rigs (27 JUs + 8 Semis), 2 Accommodation Rigs and 4 Module Rigs Stable Utili Rate. DayRates Steady Increased. 20 in China + 15 in International New High-spec and Deepwater Equipment HY981 commenced operation in 1H2012 NH8 commenced operation at the end of 2012 Innovator works in North Sea for a 8-yr contract Pioneer operated at its full capacity since Aug 2011 Maintain High Utili Rate of Existing Equipment Confidence and Seeker added 363 operation days 4 module rigs added 392 operation days Operating Days Average Daily Income of Jackups and Semis 1,178 1,712 8, % 9, % 108 US$ 000/Day % Jack-up Semis Note: Average Daily Income = Revenue/No. of operation days 14

15 Operational Volume and Revenue Increased More R&D Application and Value-add Services Electric imaging logging instrument sold to Canada recorded good performance Self-owned cable logging continued to increase Self-developed electric imaging logging instrument was exported to Canada and India Expand into Unconventional Businesses Work volume of coal bed methane further increased Cable logging Provided in a shale gas project Tapped Sinopec s fracturing market Continued to promote application of heavy oil thermal recovery technology in offshore China ELIS70 completed the first shale gas logging operation Completed the first fracturing operation for Sinopec 15

16 Owned 72 Vessels+3 Oil Tankers+5 Chemical Carriers Reasonable Allocation of External Resources to Achieve Profit Growth Self-owned vessels decreased by 4, resulted in 1,407 fewer operation days (5.7%) Newly added HY683: 335 more operation days Utilization rate of self-owned vessels dropped slightly to 91.7% Charted over 30 vessels: operate 11,524 days, bringing revenue of RMB860 million 16

17 7 Seismic Vessels+7Surveying Vessels+2 OBC Teams=40 Streamers Added Higher Efficiency & Deepwater Capacities HY720 collected >10,000km 2 of 3D seismic data New OBC led ocean bottom cable data collection business increase by 578 km² HY708 added revenue for deepwater surveying More 3D Data Operation 29,498 16,000 23,174 9,972 Maintain High Equipment Utili Rate HY720 provided joint operations for clients in two nearby areas, improving the utilization rate HY718 etc. won contracts in SE Asia in low seasons 3D Data Collection (km²) Surveying Saw Fast Growth 3D Data Processing (km²) RMB mn % 17

18 目录 Contents Results Overview Segments Review Company Prospects 18

19 Revenue to grow no less than 10% y.o.y. Total operation expenses (excl. Assets Impairment) and finance cost will see increases, operating profit margin will Revenue Target >10% 22,105 In RMB million remain stable Capex at around RMB4-5 billion 2012A 2013E Note: The above operation plan is made on COSL s current operating condition and market environment, it will not constitute the Company s profit forecast and actual promise of the Board. Whether the Company can achieve the expected results or not in 2013 will mainly depend on the market and economic situation. Please be alerted of the risks when deciding on your investments. 19

20 Drilling Enhance capacity through multiple channels to meet the increasing demand in offshore China Well Services Strengthen tech development, industrialization to improve deepwater service capability, expand into unconventional resources selectively MS&T Enhance operating efficiency to meet E&P needs through effective integration of external resources Geophysical &Surveying Proactively expand the fleet size, improve operation efficiency, optimize arrangement of charted vessels to protect market share 20

21 Forecast Revenue Breakdown by Region for 2013 ME and North Africa: ME as the Hub Americas: Mexico as the hub Europe: Norway as the hub Southeast Asia: Indonesia as the hub 21

22 CAPEX for 2013: RMB 4-5 billion Semi-submersible COSL Prospector Two 400-ft jack-ups 3,000-hp module rig One 5,000-ft deepwater Semi-submersible Drilling 60% Geo&Surveying Well Services MS&T Breakdown of CAPEX 14 utility vessels surveying vessels Vessels for acidification and fracturing operations 12- streamer seismic vessels Equipment in well services Quick expansion in scale and Effective adjustments in mix Time commissioning of equipment construction favorably Identify suitable equipment procurement targets Charter capacities when needed to meet market demand 22

23 COSLInnovator COSLPromoter NH8 Drilling NH7 3,000-hp Module rig Well Services Geo & Surveying MS&T COSLProspector 2 x 400-ft Jack-ups 5,000-ft semi-submersible Oilfield Services Equipment HY708 HY streamer seismic vessel Integrated Surveying vessels 14 Utility Vessels Expected to commence operation in 2H 2015 Expected to commence operation in 2H 2015 Expected to commence operation in 2017 Yearly contract signed Yearly contract signed Yearly contract signed Expected to commence operation in 2H 2015 Expected to commence operation in mid 2015 Expected to gradually commence operation in 2015 Note: Depends on market condition, COSL is proactively considering to acquire drilling rigs and utility vessels. 23

24 Contract Coverage of Drilling Rigs Backlog for the Four Segments 20% in Tendering Processes or Pending Signing 12% 24% 64% 30% 19% 51% 80% Secured Contracts up to 2013 and beyond 2013E CNOOC Internationa l Clients 2014E Pending signing (including CNOOC) Client Base 24

25 Output Enhancement in Matured Areas Participate in the low porosity and permeability technology; strengthen offshore fracturing technologies and investments Multiple thermal fluid technology system continues to be applied in the Bohai Bay Selective Expansion in Unconventional Areas Oilsands: provide existing technologies to Sunshine in Canada CBM: forecast workload over 600 wells for customers Shale gas: to provide services to CNOOC s shale gas projects Proprietary Technology Backing LWD system-spote and Rotary steerable drilling system-cotas made breakthroughs and expected to commence onshore and offshore drilling and logging tests in

26 Expand further into International Markets Expanding Scale in Unconventional Business Meeting Increasing Domestic Demand Ongoing improvements on technologies Output Enhancement Deepwater Business Growth 26

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