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Offshore oilfield services company providing drilling, well services and geophysical surveys, majority owned by CNOOC.
Offshore oilfield services company providing drilling, well services and geophysical surveys, majority owned by CNOOC.
The Hong Kong line of the company that trades in Shanghai as 601808. It charges daily rates for rigs and vessels and per-job fees for well and survey work, with a large share of the work for its parent CNOOC, so activity follows CNOOC's offshore spending. It also serves other operators abroad.
In one line: A Chinese Transocean/Halliburton for offshore services.
Moat: narrow (installed base, customer qualification, distribution). Captive relationship with parent CNOOC and a large offshore rig fleet support steady utilization.
Headquarters: Beijing, China · Founded: 1993 · Employees: 15,533
Size China Oilfield Services (2883.HK) is a Hong Kong Energy company (Contract Drilling) with a market value of $7.31B, the 207th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$7.10 on 6 Nov 2026.
Performance Over six months the shares fell 17.7%, against -14.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 8 in its peer set.
Growth Revenue grew 6.8% over the last twelve months (peer median +4.0%); the operating margin is 12.5% (peer median 11.0%).
Valuation It trades at 6.7× forward earnings against a peer median of 15.8× (cheapest of 8).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -21 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.5 points above its cost of capital (5.3% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$56.5B | HK$54.5B | HK$52.3B | HK$48.7B | HK$41.4B |
| Revenue growth | — | +4% | +7% | +18% | — |
| Gross profit | HK$11.6B | HK$11.0B | HK$9.37B | HK$8.96B | HK$6.17B |
| EBITDA | HK$15.0B | HK$14.0B | HK$12.0B | HK$11.5B | HK$8.99B |
| Net income | HK$4.35B | HK$4.17B | HK$3.40B | HK$3.33B | HK$2.74B |
| Free cash flow | n/a | HK$5.43B | HK$4.81B | HK$3.21B | HK$2.57B |
| Capital expenditure | n/a | HK$6.35B | HK$6.54B | HK$10.5B | HK$4.82B |
| Total debt | n/a | HK$18.8B | HK$19.1B | HK$23.8B | HK$25.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China Oilfield Services 2883.HK | $7.31B | -18% | +7% | 12% | 6.7× | -10.3% |
| Transocean RIG | $5.85B | -18% | +4% | 21% | 19.4× | 3.8% |
| Halliburton HAL | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% |
| Schlumberger SLB | $73.7B | -6% | +5% | 14% | 17.2× | 7.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2883.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.3% | -5.0% | 4th highest of 8 |
| 6-month return | -17.7% | -14.5% | 3rd lowest of 8 |
| Distance from 52-week high | -39.5% | -26.9% | 2nd lowest of 8 |
| Revenue growth (TTM) | +6.8% | +4.0% | 4th highest of 8 |
| Operating margin | 12.5% | 11.0% | 3rd highest of 8 |
| Forward P/E | 6.7× | 15.8× | cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | -10.3% | 16.0% | least demanding of 6 |
| Growth delivered (Del g) | +10.9% | +6.3% | 3rd highest of 6 |
| Hurdle (Req g minus delivered) | -21.2 pp | +3.7 pp | least demanding of 6 |
| ROIC minus cost of capital | +3.5 pp | -4.5 pp | highest of 8 |
| EV / EBITDA | 4.6× | 7.1× | cheapest of 8 |
| Net debt / EBITDA | 0.7× | 1.9× | 2nd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Oilfield Services 2883.HK | Hong Kong | $7.31B | -18% | +7% | 12% | 6.7× | -10.3% | +10.9% |
| Noble NE | United States | $6.53B | -18% | -13% | 11% | 36.8× | 19.0% | +27.8% |
| Transocean RIG | United States | $5.85B | -18% | +4% | 21% | 19.4× | 3.8% | +4.7% |
| Valaris VAL | United States | $5.54B | -16% | -12% | 11% | 11.1× | n/a | n/a |
| Sinopec Oilfield Service 1033.HK | Hong Kong | $4.72B | -14% | +3% | 2% | 13.8× | 12.0% | +2.7% |
| Helmerich & Payne HP | United States | $3.52B | -7% | +17% | 3% | 26.3× | 19.9% | +16.1% |
| Seadrill SDRL | United States | $2.63B | -13% | +17% | 10% | 15.8× | 16.0% | +6.3% |
| Odfjell Drilling ODL.OL | Norway | $2.57B | +4% | +11% | 23% | 10.0× | n/a | n/a |