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Offshore oilfield services company providing drilling, well and geophysical services, a subsidiary of CNOOC.
Offshore oilfield services company providing drilling, well and geophysical services, a subsidiary of CNOOC.
Charges daily rates for rigs and vessels and per-job fees for well and seismic services, with a large share of the work for its parent CNOOC, so activity follows CNOOC's offshore spending. It also serves other operators abroad, including in Norway and the Middle East. The same company trades in Hong Kong as 2883.
In one line: China's Halliburton/Transocean for offshore services.
Moat: narrow (installed base, customer qualification). CNOOC-affiliated fleet and long-term offshore contracts give stable, qualified demand.
Headquarters: Tianjin, China · Founded: 1982 · Employees: 15,533
Size China Oilfield Services (601808.SS) is a China Energy company (Contract Drilling) with a market value of $7.30B, the 336th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥12.75 on 6 Nov 2026.
Performance Over six months the shares fell 15.6%, against -14.5% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 8 in its peer set.
Growth Revenue grew 3.4% over the last twelve months (peer median +4.0%); the operating margin is 12.0% (peer median 11.0%).
Valuation It trades at 14.1× forward earnings against a peer median of 15.8× (4th cheapest of 8).
Price implies For today's price to make sense, revenue must grow about -17% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.9 points above its cost of capital (5.0% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥51.2B | CN¥50.3B | CN¥48.3B | CN¥44.1B | CN¥35.6B |
| Revenue growth | — | +4% | +9% | +24% | — |
| Gross profit | CN¥14.1B | CN¥8.35B | CN¥7.18B | CN¥6.66B | CN¥4.12B |
| EBITDA | n/a | CN¥13.1B | CN¥11.4B | CN¥10.4B | CN¥7.75B |
| Net income | CN¥3.87B | CN¥3.84B | CN¥3.14B | CN¥3.01B | CN¥2.36B |
| Free cash flow | CN¥5.61B | CN¥5.02B | CN¥4.69B | CN¥2.99B | CN¥2.20B |
| Capital expenditure | CN¥5.34B | CN¥5.89B | CN¥6.03B | CN¥9.47B | CN¥4.14B |
| Total debt | CN¥15.1B | CN¥16.9B | CN¥17.9B | CN¥21.7B | CN¥22.3B |
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 601808.SS | $7.30B | -16% | +3% | 12% | 14.1× | -16.5% |
| Halliburton HAL | $26.3B | -20% | +2% | 13% | 11.7× | -0.3% |
| Transocean RIG | $5.85B | -18% | +4% | 21% | 19.4× | 3.8% |
| 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 | 601808.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.5% | -5.0% | 2nd highest of 8 |
| 6-month return | -15.6% | -14.5% | 4th lowest of 8 |
| Distance from 52-week high | -41.6% | -26.9% | 2nd lowest of 8 |
| Revenue growth (TTM) | +3.4% | +4.0% | 4th lowest of 8 |
| Operating margin | 12.0% | 11.0% | 3rd highest of 8 |
| Forward P/E | 14.1× | 15.8× | 4th cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | -16.5% | 16.0% | least demanding of 6 |
| Growth delivered (Del g) | +11.7% | +6.3% | 3rd highest of 6 |
| Hurdle (Req g minus delivered) | -28.2 pp | +3.7 pp | least demanding of 6 |
| ROIC minus cost of capital | +9.9 pp | -4.5 pp | highest 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 601808.SS | China | $7.30B | -16% | +3% | 12% | 14.1× | -16.5% | +11.7% |
| 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 |