Dear leaders, investors, and analysts. Good afternoon. Thank you for attending the third quarter 2024 performance conference of COSL.
中海油服务贯穿石油和天然气勘探、开发及生产的各个阶段，主要业务包括物探采集和工程勘察服务、钻井服务、油田技术服务、船舶服务等。公司服务区域包括中国海上及陆地、亚太、中东、欧洲、美洲和非洲等国家和地区。面对复杂激烈的市场竞争环境，公司坚持以深化改革为动力，扎实推进技术驱动、成本领先、一体化、国际化、区域发展等五大发展战略，不断取得新成效。公司不断抢抓发展机遇，加速培育能源服务新质生产力，全面打造世界一流核心竞争力，以科技创新力、产业控制力、安全支撑力、国际影响力 和现代化治理能力的持续提升，塑造高质量发展的新动能、新优势，以加快建设中国特色世界一流能源服务公司的成果，回馈全体股东及社会各界。
COSL services runs through all stages of oil and gas exploration, development and production. And its main businesses include geophysical exploration, engineering services, drilling services, well technology and ship services and marine services. So the company service areas include China offshore and onshore markets, Asia Pacific, Middle East, Europe, America and Africa. Facing the complicated and fierce market competition environment, COSL insists on deepening reform as the driving force and solidly promotes the five development strategies of technology driven, cost leading, integration, internationalization, and regional development, and continuously achieves new results. With that, the company, COSL constantly sees development opportunities and accelerates the cultivation of new quality productivity of energy services builds world-class core competitiveness in all around the way, and shapes new kinetic energy for high quality development, with continuous improvement of scientific and technological innovation, industrial control, safety support, international influence and modern governance capacity.
First, please allow me to introduce the management attending today, Vice President and Board Secretary Mr. Sun Weizhou, as well as the company's CFO Mr. Xie Ji . First of all, please allow me to introduce the management present today. They are Mr. Sun Weizhou, Vice President and Secretary of the Board of Directors, CFO of COSL, Mr. Xie Ji.
今天发布会分为两个部分，首先，切吉先生将带领大家了解公司在2024年第三季度的业绩情况，之后我们将开放问答环节。接下来我们将时间交给切吉先生。
Today, we will have two parts of the conference. First of all, Mr. Qie Ji will lead you to understand COSL's third quarter development in 2024, and after that, we will also open the QA session. Now let's first welcome Mr. Qie Ji.
First, thank you to all the friends in the investment community who pay attention to China Oilfield Services. Next, I will introduce to everyone the performance situation of China Oilfield Services for the third quarter of 2024. During the performance period, the company firmly grasped the international oil and gas resource change trends, continued to optimize the international market strategy layout, built long-term good cooperation relationships with high-end customers, continued to promote the transformation application of various key core technologies, safeguarding the company operating performance steady improvement. For the first three quarters of 2024, the company operating revenue realized CNY 33.66 billion, year-on-year increase of CNY 1.41 billion, 14.1%, net profit realized CNY 2.637 billion, year-on-year increase of 7.2%. Let me introduce by segment. For the first three quarters of 2024, drilling segment overall operating days 13,166 days, year-on-year basically maintained stable. Affected by weather factors, semi-submersible platform calendar day utilization rate year-on-year decreased 75%. Technical segment benefited from high difficulty well operations growth as well as self-developed R&D results scale industrialization development, revenue and operating profit respectively reached CNY 18.866 billion and CNY 3.252 billion, segment performance continued to maintain double-digit increase. Vessels segment fully played vessels scale effect, cumulative operating ship-days year-on-year increase 29.4%, segment profitability ability significantly elevated, operating revenue increase exceeded 20%. Geophysical exploration segment actively planned overseas market share, 2D acquisition operating volume year-on-year increase 17.8%, 3D acquisition work volume year-on-year increase 79.6%, realized revenue year-on-year significantly elevated. In the future, the company will continue to advance technology innovation and full industry chain's industry unique, unique advantages, continuously elevate internationalization operating ability, go all out to promote company production operating to ascend new step again. Thank you everyone! Welcome all friends to ask questions and exchange.
好的，谢谢管理层的介绍。现在我们将进行提问环节，如需提问，请按星一键，先按星号键，再按数字一。为了让更多的投资人朋友有提问机会，请每位提问不超过两个问题，提问之前请告知您所在的公司的和姓名。... 注意，我们将在问答环节提供交传，在您提供提出问题后，留出一些时间进行翻译。接线员请接通第一位投资人，谢谢。
Thank you for your introduction, Mr. Qie. And now we will have the question session. If you need to ask questions, please first press star and then one. In order to have more investor friends to have the ability to raise questions, please propose no more than two questions per person. Please tell your company and your name before asking questions. Please also know that we will provide simultaneous interpreting, and please save some time for the interpreting. And now let's get connected to the first investor. Thank you.
现在有请美林黄一鸣，请开始提问，谢谢。
你好，孙总，谢总，非常感谢您给我这个提问的机会，也恭喜公司就是在三季度咱们的净利润，依旧是在受到天气影响情况下维持一个非常稳健的情况。我的一个问题呢，是咱们就是在净利润之后呢，看到财务，财务费用这边有一些影响，我想里面可能有一些这种汇兑的东西。我想问一下谢总，就是我们汇兑这边受到的影响有多大？然后我的第二个问题呢，是关于咱们的这个平台这边的利用率。那我们之前也是曾经提到过，就是说在今年的四季度以及明年，我们会陆续有一些北海高日费的这些平台进行作业，那我就想问一下，我们后续就是这个投入的情况大概是什么时间点，投入是否如同预期？另外就是我们怎么看后面的这些，呃，自升式啊，然后半潜式的利用率的情况，谢谢。
Thank you, Mr. Sun and Mr. Xie, and I first have to congratulate COSL on the stable profit, despite the influence from the weather. I have already seen that after calculating the operating profit, we still have seen some influences from the financial cost. Is it because of some exchange problems, exchange rates? The second thing is about our daily rate. I have already heard that previously we had the plan of have some high daily rate operations and projects in the North Sea. I want to know that how will they put them in operation? For the further development of our jackup rigs and semi-submersible rigs, how about their daily rates? Thank you.
Hello, I will first answer your first question. Indeed, in the third quarter, affected by this RMB to USD exchange rate's large fluctuation, mainly referring to RMB to USD's an appreciation, roughly from 7.21-something appreciated to 7.20 around. Affected by this, the company in the third quarter confirmed less than, should be less than around CNY 200 million's a foreign exchange loss. This first half year, roughly is a basically flat's a kind, a state. For oil services, let's translate first.
Thank you. I will first answer the first question. So, for the third quarter, indeed, we have been influenced by the exchange rate fluctuation between Chinese yuan and US dollars, is because of the appreciation of the Chinese yuan from 7.1 to about 7.0. And we have already calculated for Q3, the loss of the exchange rate fluctuation is about CNY 200 million. And I also think that this is actually like quite stable in H1.
关于这个汇兑的，汇率的这个影响呢，油服，一方面，还是要进一步地促进我们的这个币种的匹配，收入和支出要匹配，时间方面要匹配。力争呢，管控好我们的这个，这种外币资产受汇率影响对业绩出现的一个波动。
So for COSL, we just hope to better manage the different currencies, and for our collection and payment, we have to check the different paces and then to try to have the perfect timing and the best alignment for all the different exchanges, and especially for our assets calculated in foreign currencies. We have to try to even out the fluctuation caused by the exchange rate.
好，谢谢您提问，我来回答，第二个问题，关于，平台的这个利用率，尤其是这个半潜式平台，这个应该在第三季度的话，平台的这个利用率，这个有所下降。那主要因素呢，前面也说了，这个今年应该说第三季度在国内，台风比较多，这个影响的这个平台的作业，这是一个因素。另外呢，南海八号呢，准备在这个明年是要赴这个巴西去作业，在这个阶段时间呢，正在进行适应改造，也影响了利用率。同时呢，这个，兴旺号，挪威的兴旺号，是吧，10月7号正式开始作业，但在这之前呢，也一直没有作业，那么这些因素影响了半潜式平台的这个利用率。好吧，请翻译。
For the utilization rate, I also have to say that for the utilization, especially the semi-submersible rigs in Q3, it is actually lowered. I have to say that in China domestically, it is influenced by the typhoons. For Nanhai No. 8, this is actually because next year we are going to use that in Brazil, so we are doing some remodeling to better adapt to the local market there, and it also has influenced our overall utilization rates. The next thing is about our COSLProspector . It is just started to operate on the seventh of October in Norway. They also haven't got any utilization in the past.
后续的话呢，第四季度应该说随着这些因素的消除和减少，应该说半潜式平台的利用率会提高。那同时的话呢，随着这个，沙特阿美是吧，这个停了四条船，有一些平台已经恢复作业，那么应该说半潜式平台整体的这个利用率，也会有所改进。
We also can see that in Q4 with the alleviation and the stop of all the different aforementioned things, I think the utilization rate will definitely be increased, and we also have some other different rigs. We are being operated in like Saudi Arabia areas, so it would also have this a better utilization rate in Q4.
好的，请接线员接通下一位投资者提问。现在有请为研证券郭一凡，请开始提问，谢谢。
感谢各位领导。我有两个小问题，一个是想问一下我们这个，就服务板块，然后这个板块在这两年也开了一个非常好的一个增长的态势啊，能不能帮我们介绍一下，我们从三季度来看，整个这个服务板块的一个增长情况和整个一个，毛利的一个水平。然后还有就是我展望就是四季度和明年对这个板块的一个展望。然后另外一个问题呢，是，也想问一下这个，平台的状况，就我们沙特的暂停四个平台，然后，有，有两个已经拿到合同，然后另外的平台之前是说在参与，招投标，啊，然后有很多的意向，不知道就是另外的两个，这个平台的一个对接的情况，啊，估计什么时候能够，开始这个就是这个作业，谢谢。
Thank you for the opportunity. I would like to ask something about the Well Services. We have already known that in the past, the growth of the Well Services business is very good in Q3 and in the past. I also would like to know about the gross margin of the Well Services in Q3, and what about into Q4 or even next year? What is our prospect? And the second thing is about the rigs operation in Saudi Arabia. We also have already known that two rigs have already got the contract signed, and I have already heard that the additional two are still in the bidding process. I want to know what is the process now, and when will we expect them to be put in operation? Thank you.
那我就先，第一个问题我先尝试回答一下。当然看到那个技术板块，应该前三季度从收入占比应该是达到了56%。那利润的话呢，70%，大概76、77，也接近80的样子。那么从前三季度的状况，包括我们看过去三年，是技术板块整体上不论在收入上，利润占比上，都处于一个主导的这么一个位置。好吧，请翻译。
I'll try to answer the first question. For Q3, the revenue percentage taken by the Well Services is about 56%, and for the profit is about 76%-77%, almost 80%. I think for the previous three quarters, no matter from the revenue or from the profit, Well Services has all been very good as the leading business that of ours.
取得这个成绩，当然跟过去长期以来是吧，中海油田坚持技术驱动战略，持续扩大这个科研投入，是吧。过去三年我们的投入应该在十七是吧，十八，然后去年达到二十亿，今年在那基础上应该还会继续上升。总体呢，这科研这个费用的占比，占收入的比重，4%的样子，是吧？应该和这个长期的、持续的，这个不断扩大的开头是有直接的关系的。
So in the past, we have the ability to achieve such great accomplishments cannot be separated with close adherence of the insistence of the strategy of sticking to technology driven development and the constant investment in R&D. So in the past three years, our investment in R&D has increased gradually from CNY 1.7 billion to CNY 1.8 billion, to almost CNY 2 billion last year, and this year we expect to further increase that. So we have about 4% of our revenue invested in technology development, and I think such development cannot be separated with our continuous investment in technology.
所以说呢，随着这个研发成果的转化和应用，以及国产化技术设备对这个一些高级、高成本的这个进口的一些设备的替代，以及呢我们应用的市场的领域的不断的扩大和丰富，那么应该在未来-...这个在整个的收入的贡献和利润贡献以及价值创造等方方面面，仍然会这个发挥这个主导作用。
With our continuous investment and the conversion of the results into the actual application, and our investment in technology and devices, at the same time, with the replacement of this high cost imported equipment, with expanded and diversified application market, we believe in the future, no matter it's about the revenue, profit or value creation, we all will have greater development.
关于您提的第二个问题，涉及沙特停的四条船，后面的两条平台，目前的话，其中一条平台在东南亚，那么投标估计会在十一月，最晚十二月，会有好的中标消息出来。另外一条平台，也在世界上的其他区域，在投标，应该说在年底的话，也会有相关的市场信息。
As for the four rigs that are stopped in Saudi Arabia now, one is actually participating in the bidding of Southeast Asia project, and we expect maybe hear from them at November or latest December, to see whether we could win that. And for other rigs, we are also like trying to bid for some projects in different areas, and we expect at the end of this year, we may have some market feedback.
哎，好的，谢谢领导。好的，请接线员接通下一位投资者提问，谢谢。现在有请光大证券赵乃迪，请开始提问，谢谢。
啊，领导好，我是来自...
领导好，我是来自光大证券的赵乃迪。好，那么我们这边，主要关注两个问题，第一个的话就是我们看到现在已经进入四季度，然后站在这个节点的话，想请领导们帮我们展望一下明年，海外市场的开拓的规划，以及这个整个行业的情况。然后第二个问题的话，我们关注整个市值管理这块，因为我们看到公司其实这么多年来一直非常重视对整个投资者的一个回报。那么我们近期也看到，就是，其他的一些央企集团，然后呢也是利用这个贷款的一些政策，然后进行一些回购计划。然后也想问一下公司，请教一下公司，未来在整个的这个市值管理，包括分红回购这块，有哪些规划和指引？谢谢领导。
Hello, I'm Zhao Naidi from Everbright Securities. I have several questions. The first one is for Q4, what is our prospects of overseas markets and the development opportunities and the overall industrial situation? Second one is about this market value management. We also can see that for the market value, a lot of the central enterprises recently have also used the bank loans to try to do some management of their market value, like the buyback and etc., and repurchase. I also want to know that what about us? Do we have some other different plans for dividends, for repurchase? Thank you.
好，谢谢您的提问。我来回答您第一个问题，就关于那个明年海外市场的一个规划。首先呢，我们根据第三方的一些咨询机构的一些意见和分析啊，明年应该说油气这个勘探开发，应当保持这个活跃，啊，投资的话呢，啊，稳中有升。好，请翻译。
Thank you so much for the question. I will first like to talk about my prospect about future market next year. According to third party organization, we think that for the oil and gas industry, for the geophysical exploration and development, it will still remain stable while having some increase. Thank you.
另外，从内部来说呢，这个北海的四条平台全部进入在挪威海域的高日费作业项目。另外呢，影响沙特停船的影响基本消除。同时呢，巴西的项目，将在明年启动。所以总的来说，结合行业形势和内部这些比较利好的因素，我们的预测，明年海外市场会有，会比今年无论是在销售收入和盈利能力方面都会有提升。谢谢。
From internal analysis, I would like to tell you that four rigs in the North Sea in Norway all started the high day rate operation, and the second one, the stock of four rigs in Saudi Arabia is also basically no longer existing anymore. The third thing is, next year we will launch a new project in Brazil. I think that with the positive news of our internal operation, with the positive development of the whole industry, I'm very confident that next year the overall market in overseas market will be quite good, no matter its revenue or the profit. I'm quite confident it will be higher than this year.
你好，我来回答第二个问题，这个问题还是蛮庞大的，我简单尽可能说清楚。首先，公司确实注意到了这个近期国家监管方面的机构，关于这种回购增持的这种政策的那种倡导和意见。请翻译。
So the second question, I would like to answer this, because this is actually quite general, quite hard to answer a big question, so I have to try to say it more clearly. Indeed, I recently have already got some news about the national policies encouraging the organizations and central enterprises to do the repurchasing or to buy out to more of their own stake and their own stock market. So I have already noticed that to have the overweight.
第二个呢，我想说的是，其实公司每年都会取得股东的这个关于回购增发的相关授权。公司也会这个动态地跟踪，在这个根据市场的环境和自身的运营来决定是否行使这项授权。请翻译。
The next thing is, every year we will ask for from permission and authorization from the shareholders to see whether we will do the repurchase or the issue of new stock in the market. And it's also based on the market and for our overall operation, we will decide whether we will practice this authorization or not.
第三，公司梳理了政策出台后，上交所和深交所主板这个公告、回购和增持的这个情况。从我们的统计看，目前大概是二十六家，是公告要回购，有七家呢，是公告的增持。请翻译。
According to the announcement, after the policy has been issued from the Shanghai Stock Exchange or Shenzhen Stock Exchange, we have seen that about 20-some companies are declaring their actions. If I remember right, 16 declaring their repurchasing of the stock and 7 declaring their issuing of the additional stock of the purchase.
他们的比较共同的特点呢，就是回购的这个市值，占它流通的这个比重，我们看呢，主要都是集中在百分之零点几这么一个数量级。然后并且呢，也不确定它的这个回购所用的资金，是否是来源于回购贷款这种专项的福利。请翻译。
After I have analyzed the data, I found that the amount of them declaring to do the repurchase or the re-buying of the additional shares, and they only take about less than 1% of the overall circulating market value. And I don't know the money they spent on doing that are from the loans or from other different benefits they get for doing such thing.
公司呢，我觉得近期可能还是要做好两件事，第一个呢，就是按照上半年我们在业绩发布会跟大家报告的，还是要聚焦我们这个债务优化，以债务这个优化、改善、可控，作为我们的主要考虑因素之一。
I think for this time, COSL wants to focus on two things, especially for first half of the year. From the business perspective, we hope to optimize our debt. We hope to control and optimize our debt structure.
第二呢，还是要继续保持对这个相关政策实施落地情况的跟踪。比如，贷款，我们能否在港股这种落地，是吧，这种操作，有没有先例？因为这个，A股呢，相对流通的这个数量相对小一些，港股呢，流通的盘子要大一些，但是内地银行它是否可以提供这种跨内地和香港的这种操作，这些还都需要去跟进。
The second thing is we will also follow and check the implementation of the policies. For example, the loans, whether when we are doing that in the Hong Kong Stock Exchange, is it also possible for us to have the same loan from the mainland Chinese banks?... and whether the money we get from the loans could be circulated from there, because the situation of the Hong Kong Stock Exchange is actually greater than that for the domestic mainland Chinese one.
没有了，谢谢。
That's all, thank you.
好的，谢谢领导。请接线员接通下一位投资者提问，谢谢。现在有请中银国际，刘志成，请开始提问，谢谢。
谢谢领导给我们，给我发问的机会，因为很多问题都问了，我就问两个小问题吧。一个呢，就是刚才，领导介绍的时候也提到，我们三季度半潜之所以使用天数跌那么多了，是因为天气的原因，也有提到国内刮台风这件事，能不能麻烦领导多介绍一下，比如说我们有多少条船是停了，那停了多少天，这样子。另外，刚才也提到这个，我们有一条半潜是准备去往巴西作业的，那我想了解一下巴西这边的业主是不是就是海油啊？好，谢谢。
Well, thank you for the leadership for giving me this opportunity to raise questions. A lot of questions have already been asked, so I only have small two questions. The first one is just now the leaders have introduced that in Q3, because of the weather, the semi-submersible rigs have not got very good utilization rates, so it's actually mainly because of the typhoon in China domestically. And I would like to hear more details about how many rigs have been stopped and for how many days? Thank you. The second one is for the semi-submersible rig that you said it will be used in Brazil for a new project. I want to know that is it serving CNOOC? Thank you.
Let me thank you for your question. Let me answer the first question. The semi-submersible platforms in the first three quarters totaled 2,571 working days. In the second half of the year, the third quarter, the workload is about 650 days or so, compared to the average quarterly workload in the first half of the year, it should be about 300 days less. Please translate.
Thank you, I would like to first answer the first question, so for the semi-submersibles for the three quarters until now, the total working days for the semi-submersible rig is 2,571 days, and the Q3 working days are 650 days. So if we compare with the average H1 level, it is about 300 days short.
Currently, the regions where the company was greatly affected by typhoons in the third quarter of this year are roughly about 10 ships. In that case, affected by the typhoon's impact, possibly ... the specific number of impact days is different for each ship. But I think it should be that, adding up, there should be at least more than 100 days of impact. This number is not very accurate. Please translate.
So for the company Q3, we can see the overall typhoon influence will be about ten weeks roughly, and for the influence because of the typhoon for different rigs, they suffer differently. So I think altogether it's about like a hundred days, but I'm not sure whether it's the exact number or not.
Additionally, it's Nanhai No. 8. For Nanhai No. 8, we calculated that this year, in order to prepare for next year's operations in Brazil, the first three quarters had no operations. Last year same period had operations for 192 days. This is also the reason for the significant year-over-year decline.
The next thing is for Nanhai No. 8, it is now preparing for the work in Brazil, and for the three quarters in this year, it has not worked at all, but for last year, the average working time is about 192 days, so this is also another reason for the significant decline.
我来回答您第二个问题啊，这个南海八号，巴西的这个客户呢，是不是这个有限公司啊，是巴西国家石油公司。对。
Now let me answer your second question. This is actually not CNOOC for the company. It's actually the company that is Petrobras.
啊，谢谢啊。
好的，谢谢。我们有请下一位投资者提问，麻烦接线员接通，谢谢。
嗯 。
现在有请天风证券张希希，请开始提问，谢谢。
哎，领导晚上好，非常感谢给我这个提问的机会。我想请教公司关于这个海外业务发展的情况，您刚才也提到，就是这个南美巴西的情况，因为我们这边也注意到，像这个有限公司呢，在巴西也拿了四个项目，其中有一个区块还是这个CNOOC自己作为作业者的，那么这些区块如果就是进入到开发阶段的话，这个勘探阶段的话，我们是不是有机会在比如说一个钻井平台上，第二个是技术服务上，拿到一些项目的机会？啊，那因为确实南美确实是一个全球增长的主力市场啊，所以想请教一下这方面的这个问题。
...Thank you so much for giving me this opportunity. I would like to also ask the question about the overseas business, because we have already known that in the Latin American area, CNOOC has also got four different projects. And then you can also see that one project they even want to do the operation by themselves. So when the rest are starting their exploration, and whether we could also have some opportunities to do some rig and well service business with them? And we all know that this is the major development area for the seven seas. Thank you.
谢谢您提问。随着中国海油有限公司国际化的发展，应该说，为中海油服创造了更多的为客户提供服务的机会，这个是肯定的。但是呢，海外市场，都是通过这个公开招标，等等方式来选择这个合格的供应商，是吧？但是，作为子公司，应该说在符合当地法律法规的前提下，有限公司国际的发展会带动，这个会给油服，中海油服，创造更多的机会，这个是肯定的。好吧，谢谢。
Thank you. With the internationalization of CNOOC, it will definitely create more opportunities for COSL, for our services, and that's actually for sure. But you can see that for the overseas market, for their business, they are all done through open bidding, and I think that they only would choose the successful qualified suppliers through the open bidding. But as a joint company, I would like to say that if under the circumstances of compliant to the local law and local regulation, we definitely also hope to get this opportunity. The CNOOC development will definitely give more opportunities for COSL's development, for sure. Thank you.
好的，谢谢。我们有请下一位提问者提问，谢谢。现在有请中信证券，任丹，请开始提问，谢谢。
各位领导好，我是中信证券的研究员任丹。我有两个小问题想请教一下。第一呢，就是我们知道我们的母公司，这个中海油，未来有非常多的产量都是依赖于天然气增长，所以我们想问一下公司，在这个天然气方面的一些技术，大概是什么样的一个储备？以及天然气的开采的话，它的利润率跟我们的钻井平台这些相比，跟油田相比有没有什么区别？这是第一个。第二的话呢，就是我们看到，其实今年或者说今年四季，或者明年，大家非常非常关注我们挪威的这四条作业船的情况，想问一下这几个作业船，它主要是锁量锁价的模式，还是说类似于沙特这样，可能会出现一些不及预期的状况。因为考虑到现在这两天油价波动也比较大，其实对于明年的油价，其实现在来看，大家也还是有一些担心的。以上两个问题，谢谢领导。
I am from CITIC Securities, and thank you so much for giving me this opportunity. I would first like to ask that recently we have already known that the development of CNOOC will also be depending on the growth of natural gas significantly in the future, so what about COSL's technological reserve of natural gas? And compared with the traditional oil field and rig services, what about the profit rate for that? And the second thing is for Q4 or even next year, we really care a lot about the four rigs operation in Norway, and I wonder that do we lock the price and lock the working quantity? Or it's also like Saudi Arabia, we may have the possibility of not satisfactory results. And we also can see that recently the oil price is fluctuating significantly, and we are actually quite concerned about that. Thank you.
好，谢谢您提问啊。这个第一个问题呢，这个实际上这个对于，我们，油田服务业，油，原油的勘探开发和天然气的勘探开发技术啊，它是一样的，啊，这个在我们这个领域没有什么太多的区别。所以在这个问题上呢，啊，不存在着这个，这个过多的挑战啊，或者是技术方面的问题，好吧，这是第一个问题。谢谢。
Thank you for the question. For the first question for well service, you can see that no matter is the crude oil or the natural gas, our exploration, development, technology is actually quite similar, almost the same. It doesn't have any challenge or problem for us. Thank you.
第二个问题呢，就关于挪威这个北海区域的这个四条半潜式平台。一方面呢，我们认为这个根据第三方，包括我们自己的判断，明年-...
可预见的，这个未来，应该在合同的有效期，这个四条平台会能，和四条平台的作业是能够保上的。另外一个呢，就是本身这个合同条款和这个，沙特的，原来被暂停掉的那四条平台的条款也是不一样的，这个对我们挪威的四条平台的条款，对，如果出现了暂停或停止这种情况，对，这个承包商是有补偿的。好，谢谢。
The first thing is actually for the semi-submersible, we can see that for future or for next year, we are actually quite confident about the revenue and about the workload there, and our contract has also specifically mentioned that and stipulated that as well, and for the four rigs working there, we will actually have much better guarantee of the workload compared with the ones in Saudi Arabia, and the agreement terms are also different, so we can see that if the four rigs there have also got some, like a stopping of the business or stopping of the operation, we will get compensation for that.
好的，谢谢。有请接线员接通下一位投资者提问，谢谢。现在有请长江证券王柳峰开始提问，谢谢。
好的，感谢领导！我是来自长江证券的王柳峰，我这边有两个小问题，第一个问题是领导刚才讲到，咱们可能大部分平台明年都会投入作业，明年的增量可能就比较明显。那么展望，如果再展望二六到二七年的话，那么公司的钻井业务，领导就想问一下能保持一个什么样的增速，然后主要来自于哪些方面？好，第二个问题是关于油田服务板块的，那么咱们一直也是保持比较好的营收，包括利润的这个增速，那么想请领导说一下不同区域的增速和利润都是什么情况？再具体的话是哪些业务增长得比较好？大概就这两个问题，谢谢领导。
Thank you, I'm from the Changjiang Securities. I have two questions. The first one is, we already mentioned that for next year, most of our rigs will be put in use. This is also where we have the majority of the growth from, and I wonder that for the rigs operation for twenty twenty-six or twenty twenty-seven, how would that be, and is what kind of growth we expect to have, and if so, where would the growth be coming from? The second thing is about our well service. We have already seen that for our revenue and of our profits have mainly coming from there. I want to see that how are they break down into different regions and the different businesses? Can you give us a detailed explanation? Thank you.
好，谢谢您的提问。第一个问题，您问到这个2026、2027年，对，钻井平台的这个预测，是吧？我们得到的消息呢，应该说，2026、2027，那么明年的话是2025年，那么是十四五的最后一年，这个，应该说工作量是保持，刚才已经介绍了，是这个稳中上升。另外2026、2027呢，我们了解到，这个无论这个国内市场的规划、投资和国际市场，特别是海外勘探投资，应该还处于一个稳中上升的这么一个阶段，这是外部环境。另外一个呢，就是目前我们国外的运行的，这些平台，应该说合同的期限，大部分都能够覆盖2026、2027，因此我们对这个，未来三年，海外这个大型装备的这个，运营率，是保持乐观的一个态度。好吧，这是第一个问题，谢谢。
Thank you for the question. For the first question you asked about our expectation for twenty twenty-six to twenty twenty-seven. I have to say that, twenty twenty-five will be the last year of the fourteenth five year plan, and we think that the amount of the development will definitely be stable and with certain increase in twenty twenty-six and twenty twenty-seven. And we also can see that, domestically, no matter from the scale or the investment or overseas scale and investment of oil and gas industry will all be stably increasing. And we also can see that the overseas rigs contract terms will all cover at least to twenty twenty-six to twenty twenty-seven. So for the next three years, I believe the overseas contract utilization rate will not be low. Thank you.
Let me answer your second question. The technical sector, as just introduced, its revenue should already account for nearly 56%-57% of ours. The profit contribution is also nearly 80%. Undoubtedly, the technical sector's rapid development has indeed provided strong support for the significant improvement in this year's oilfield services performance.
As we also mentioned that for the second question, I would like to answer this for well service. As we said before, the contribution to our revenue is about 56%-57%. The profit contribution is almost 80%, so in the past few years, it is indeed has got a significant increase of the contribution to our overall business.
Oilfield services very much pay attention to the development of the technology sector. Just now we also introduced our annual technology investment is nearly CNY 2 billion. At the same time, oilfield services these few years also gradually formed a series of brands, for example Xuanji, the Xuanyue released not long ago, as well as our well completion this Hai, Haiman, Haihong, and our this seismic Haijing, Haimai etc. a series of brands.
We also can see that, as we said, COSL has significantly in our R&D. We have invested about CNY 2 billion on the technology. We also have a lot of brands for the rotary device like Xuanji. We also have the completion fluids like Haihong and for this anti-earthquake, anti-seismic, Haijing.
从现在的 前三季度的财务数据来看，目前技术板块收入和利润的主要增量，来自于国内，国内主要还是这种高难度井作业次数的增加，以及自有自研产品这个转化的一个贡献。
We can see that the revenue and profit are mainly coming from domestic market in China. It's about the high difficulty well, and the conversion of our self-studied self-research devices.
At the same time, the company's technical sector overseas, first, is executing the strategy of following large equipment going overseas. Second, our mud, cementing, logging and other technical products have also successively obtained market access thresholds from clients such as KOC, Saudi Aramco, etc. Answer complete.
And we also can see that at the same time, for the well service business, we try to execute the strategy of following the big rigs to go global, and for our different technologies like slurry for treating slurry and cementing and prospecting. We have also got this market entry from Saudi Aramco or KOC. Thank you.
由于时间关系，我们再接通最后一位投资者进行提问，请会议秘书接通，谢谢。
Because of the limited time, we will have the last investor to propose the question. Please get disconnected. Thank you.
最后有请麦格理资产苗华新，请开始提问，谢谢。
管理层你们好，我是麦格理的Albert，我这边有两个问题啊，第一个是想请教一下，因为管理层已经明确地提到了，我们海外的这个三米明年的工作量是比较饱满的，日费的情况呢，市场大家也比较清楚，我想问一下，在不同的市场当中，我们的三米的成本的区间会是在什么样的一个水平？包括我们，作业比较饱满之后，毛利率能够达到什么样的一个合理的区间范围，这是第一个问题，就是对于海外三米的成本，或者是海外三米的overall的毛利率的这个大概的一个范围。另外一个就是说我们在国内市场上的这个，今年也是对于这个油气板块有比较明显的这个增长，那三季度我们有没有对于油气板块的收入增长情况，包括我们的毛利率的情况，有没有更多的一些意见？好，谢谢。
hello. I am from Macquarie, and I also would like to know that for semi-submersibles, we all have known that for next year, the workload will be quite good, and I want to know that for the cost, what will be the range considering this satisfying market? And what about the gross margin? For gross margin, will there be a range if we will have a better utilization rate for domestic market for well services, we can see that the growth is actually always been very good. I want to know that for Q3, what is the growth for the well service, and what about the gross margin for that? Thank you.
感谢你的提问，我试着回答一下这个问题。关于这个海外，不同市场成本，我觉得首先一个，无法回避的就是海外市场的成本一定要高于中国国内的成本。
I would like to try to answer this question. You can see that for the cost of different markets, this is actually, I cannot run away from this question, because we can see the cost of the overseas market will definitely be higher than the domestic one.
The second thing I want to say is, for different markets, we will take different cost reduction and control measures. For relatively mature overseas markets, including those where we already have certain base configurations there, we may need to more fully utilize our local resources.
So for that, we will definitely try different methods for different markets to control and manage the cost. And the next thing is we also will try to utilize our local resources as much as possible.
对于这个尚在这种开发的这个区域呢，我们一方面要加强这种所在区域，供应链的建设，另一方面呢，也会尽公司的努力，和业主在这个收费方面给予一定的体现和保障。
So we also can see that for the markets that are still being developed, we will just try to build up the supply chain there in the local region. The second thing is, we also will try to negotiate with the owner to see whether we will have certain compensation and guarantee for that.
总体看呢，钻井船的这个成本，主要就是折旧、人工，以及一些租赁的成本。在这个不发生重大变化的情况下，整体的成本呢，应该是一个平稳的一个状态，这里边可能会受到一些，工作船型投入的结构性变化，可能会有所波动。
We also can see that generally speaking, the rig cost will only be subjected to depreciation and the labor. Without the two big change, it will remain stable. For the changes, just like the structural differences of different jobs.
Regarding your second question, it's the technical sector. Overall, actually, the technical sector in the third quarter, including the first half of the year, for this kind of gross margin level should still be relatively stable, major change.
As for the second question, for Q3 or H1, the gross margin of well service is actually quite stable, with no big difference.
We will also pay attention to this investor's attention to our technical sector, revenue growth and profit contribution. We also fully communicate with investors. Just like we said half a year ago, the technical sector is in the key stage of going out. Overseas market prospects are broad, but it requires time, requires investment.
And we will also update the investors timely about the contribution, about the growth of the market and the revenue. We will have very good communication with all the investors, as we also said in the semiannual conference before, and we will definitely go global, and this is already a key stage of our going global strategy for the well service. But I can say that despite the vast market overseas, we still need time and investment to realize that. Thank you.