Good morning, ladies and gentlemen. Thanks for attending today's investor presentation for COSL's interim results 2013. First of all, allow me to introduce the management representative on the stage. Mr. Liu Jian, Chairman of the Board. Mr. Li Yong, CEO and President. Mr. Li Feilong, Executive VP and CFO. Mr. Yang Haijiang, Company Secretary of the Board. Let me pass the time to Mr. Li Feilong to start today's presentation. Mr. Li, please.
Thank you. Good morning, ladies and gentlemen. During the first half of 2013, the global landscape remained complex. Fortunately, investment by major oil companies in exploration and production activities continued to drive the rebound in the oilfield services industry. Under this market situation, COSL grabs market opportunities and actively engage in market expansion. Through effective allocation of resources, we further strengthened our leading position in offshore China. Firstly, financial results for the first half of 2013. During the period under review, COSL achieved satisfactory results with all four business segments fully covered with workload. With the larger scale equipment operating at high utilization and driven by the newly added capacities, revenue was up 24% year-on-year at RMB 12.44 billion. Due to higher costs across the whole industry, operating costs was up 25% year-on-year.
With the group costs under effect control, operating margin remained at the same level as the same period last year. Net profit was even up 32.6% at RMB 3.18 billion. With our efforts in expanding our domestic and overseas markets, both markets achieved double-digit growth. Chinese waters continued to be our core market and a key contributor to the group's revenue. Revenue from the domestic market reached RMB 8.3 billion, up 17% year-on-year. Percentage from the international markets continued to expand and maintain their growth momentums, with revenue been up 39%, contributing to 35% of the group revenue. The increment in revenue from international market exceeded domestic market for the first half.
COSL continued to achieve balanced development of its equipment and the well service segments to reinforce our leadership and market share in offshore China, while actively drive equipment management and improvements in technologies and stay close to the needs of its clients. Through our highly effective allocation of equipment resources, we strengthened management of operations, drive application of self-developed technologies in production, and strive into improve quality of our well services. We have gained recognition and trust from international clients with our high-quality and efficient services. As COSL's brand awareness continue to grow in the international markets, we received invitations to participate in tenders for more than 200 contracts for oil services operations from around the world during the period. For example, in the European market, CDE, our subsidiary in Europe, has won clients' recognition for its outstanding fleet management and operation capabilities.
COSL Pioneer ranked Rig of the Month in the comprehensive performance evaluation of 31 rigs operating in the North Sea conducted by Statoil. In the Southeast Asia market, COSLBoss has commenced operations for a three-year contract with BP. The rig is in full compliance with the latest standards stipulated by BP in 2013. After a few years of development in deepwater equipment, technologies, talent acquisition, we achieved steady growth in revenue from China South Sea and North Sea. Our core deepwater markets. Revenue from deepwater operations now accounts for 17%. Our services scope will gradually expand from conventional to deepwater. Outstanding performance can be attributed to our steep learning curve for deepwater technologies and our ability to manage large-scale equipment. Hai Yang Shi You 981 has completed operations for several wells in the first half of 2013 with excellent performance.
Nanhai VIII operated at full capacity and has very high efficiency. Well services are expanding into deepwaters along with our equipment, such as deepwater drilling fluids has completed operations for two wells. QHSE is an important safeguard for COSL's stable development. COSL make further improvements in management of emergencies and have enhanced skills and awareness for safety and efficiently prevented occurrence of accidents. Our overall performance on safe production remains stable with OSHA score at 0.14. COSL continued to increase its investment in R&D, research and development, and recruit more technology professionals, engage in in-depth collaborations and exchanges with world-class oilfield services companies, fulfilling its future development. As a result, we have been able to complete more research and grow the numbers of its research patents and apply more of the R&D results in our productions.
Due to our outstanding performance, COSL has received numerous recognitions from the capital markets, such as being named as China's most promising companies and the top 100 listed corporation brand in the capital market in 2013, etc. Now, let me walk you through the performance of each of our four business segments. As an integrated oilfield service provider, COSL's four major segments covers the most crucial parts of the E&P industry chain. There is thorough review of our capabilities in the four business segments on this slide. I shall not go into details at this point. Drilling segment remains to be our largest segment in terms of both revenues and operating profit, accounted for 56% and 75%, respectively, of our total, followed by well services. Revenues and operating profits of our four segments saw rapid growth thanks to higher working volume and larger capacities.
Operating profit of geophysical and surveying segment experienced declines due to lack of new capacities and higher materials costs. Drilling segment show rapid growth driven by the newly added high-end rigs, including new deepwater semis such as COSL Promoter, COSL Innovator, Nanhai 8, and the chartered Nanhai 7 and the Kantan II, and so on. These high-end deepwater equipment not only brought in higher working volumes but also helped lift average daily income. On the other hand, COSL has been actively exploring new markets with existing equipment to maintain high utilization rates. This serves as another growth driver. Calendar day utilization rate of the drilling fleet was up 2.5 percentage points to 95.3% during this period. Well service enjoyed synergies with large-scale drilling rigs. Driven by more application of self-developed and high-end technical services, revenue of this segment increased 26% year-on-year.
On the top of the conventional waters, COSL has been selectively expanding into and made progress in deepwater and unconventional business. We have established a subsidiary in Canada to expand the technology's application in oil sands business. Marine support and transportation segment achieved fewer maintenance days for self-owned vessels, up utilization rate by 3.3 percentage points to 94.2%. MS&T, Marine Support and Transportation business, despite strong demand in offshore China, saw intensified domestic competition. With this situation, we invest in construction high-end vessels to differentiate ourselves from the competition. Through reasonably scheduled fleet, we maintain a high utilization rate through no any new capacity coming, and have successfully completed a number of international projects in Southeast Asia for the geophysical and survey segment. Due to clients' operation adjustment in operations, 2D collection and processing volume increased significantly, while volume of 3D collection volume saw a decline.
Deepwater survey vessel, Hai Yang Shi You 708, completed a record in installation operations of Christmas tree at a depth of 1,500 meters, pioneer a new model. Now, let me share with you our prospects. Barclays recently raised its global oil and gas CapEx projection for 2013, subjecting the global CapEx to growth 10% to US$678 billion, with Asia-Pacific oil and gas E&P CapEx to increase approximately 19% year-on-year, while E&P activities in China and Southeast Asia waters remain active. Our major client, CNOOC, will maintain a CAGR of 6%-10% of its output during the 12th Five-Year Plan. To achieve this target, CNOOC will further intensify its offshore exploration efforts in 2013. It is expected the CapEx of CNOOC will reach US$12 billion-$14 billion in 2013.
I'm sure you can also feel the prospects of exploration in China waters as reflected in full capacity operation of our four segments. With oil companies continuing to grow their investments, large-scale equipment such as drilling rigs and seismic vessels maintain a booming momentum, providing valuable development opportunities for COSL. Utilization rate of global jackups reached to 94% in July, while semi-sub utilization rate reaching to 97%. With utilization rates remaining high, the average day rate of drilling rigs around the world continues its modest gains. Working volume of seismic vessels is expected to further increase in the next two years. At the same time, oil companies have stipulated higher requirements for geophysical technologies and processing, which are in line with our strategic positioning of being competitive and professional.
Early this year, we mentioned that we will seize the opportunities to speed up constructions of new equipment, procure suitable aftermarket equipment, charter equipment according to market demand. Six months later, we have proved that these three ways have been practical efforts and results. Not only have we honored our commitments, but also ensured sustainable development for 2014 and beyond. More details I show in this slide. Coupled with our being competitive and professional strategy, we will continue to selectively invest in deepwater and high-end equipment. While expanding our equipment count, we will continue to enhance our capabilities in the well services segment, including continued efforts to develop output stabilization and optimization business and invest more in self-development technologies. Apart from providing high-end technical services for CBM and shale gas, COSL will also develop tight sandstone gas.
In the second half of this year, we will proactively leverage existing technologies to provide services for oil sand production in Canada. In summary, COSL will strive to achieve stable growth by focusing on meeting new domestic market demands, expanding the international operations, increasing equipment capacities, improving self-owned technologies, seizing growth opportunities in deepwater areas. Here comes to the end of my presentation. We are now open to the floor for questions. Thank you.
Thank you. There are many questions, first of all, let me remind you to identify yourself, and please ask the question one by one to allow some time for our interpreter to translate into Mandarin. First question, gentleman in the second row.
Good morning, gentlemen. It's Scott Darling from J.P. Morgan. Thank you ever so much for your presentation. Do you think this year you will revise up your CapEx guidance? My second question is, for the new procured vessels, do you expect these to be at higher day rates or margins than some of your existing fleet? If you could give some guidance around that would be very helpful. Thank you very much.
For the question concerning CapEx for the year, we have indicated earlier that it will be about RMB 4 billion-RMB 5 billion. We have also added that should there be new equipment installed for the year, this may actually increase the CapEx.
根据我们目前项目进展的情况，我们估计今年CapEx最后的结果可能会超过60亿，甚至可能会到70亿人民币。
Given the present situation and the way it's progressing, it is likely that our CapEx for the year may be increased to CNY 6 billion-CNY 7 billion.
关于第二个问题，就是我们新增的钻井船，它的盈利率和费率的情况。因为我们今年新增的船，钻井船主要是深水的钻井船，中深水的钻井船，费率相对比较高，但是它的成本相比也比较高。所以不能一概而论说我们新增的就一定比以往的margin会高。分不同的情况，有高的，有低的。
The new rigs, you asked whether they will be fetching higher day rates and margin. Actually for the new rigs, they are mostly deep water operation rigs, and as such the day rates would be relatively higher. Given that cost would also be higher, it cannot be logically drawn to the conclusion that the margin would actually be higher.
总底下还是跟我们原来已有的保持一致的。
It will be consistent with our original rigs.
Thank you. Can we have the next question? Gentleman Lawrence.
各位领导大家好，我是中银国际刘志成，有三个问题。
一个一个来吧，第一个。
第一个，首先想问一下，我们发现上半年的所得税率比去年同期有比较明显的下降。能不能说明一下是什么原因呢？下半年的情况，这种局面能持续吗？谢谢。
This is Mr. Liu from BOCI. The first question. For the first half, the profit tax I noticed had come significantly down compared to the same period of last year. What about the second half of the year? What are the projections?
看来昨晚去做功课了。我也做了功课。根据税务总局在去年下发的一个文件，这个文件对于税前抵扣的折旧的年限和会计年限原来不清楚的，做了进一步的澄清。
Well, you've done your homework, and I've also done mine. Last year, there was a new promulgation from the State Taxation Administration. Basically, there was an accounting clarification in terms of the discount time period and the accounting time period, they were made consistent.
那么我们对以往有一些资产的税务折旧的年限和会计的折旧年限，我们根据这个规定，我们选择了一致。
For the asset depreciation and the account depreciation time period and the accounting time period, we have chosen for them to be completely consistent.
但是之前的不同的地方是已经形成了一个叫递延所得税的负债。这个可能除会计外的各位可能都知道，由于这个差异会形成一个递延所得税负债。
We already had in our books the liability arising from deferred profit tax.
那么这个递延所得税负债按照现在的这个规定，我们要在12年，我们在13年，这叫汇算清缴，12年的所得税的时候做了一次叫转回调整。
In 2013, we had to clear our liability arising from the 2012 profit tax.
由于我们COSL是在2012年之前确认为高新技术企业资质，所以享受着15%的所得税的税率。
Because of this mechanism, we have enjoyed a 15% profit tax rate.
而对12年之后，我们还需要申请，确认是否能够继续成为高新技术企业资格。
That was because of our position as a advanced technology company. After 2012, we will have to apply to see whether we can still keep this status and therefore keep that particular tax rate.
对于还没有确认为高新技术企业资格的那部分，以前计算递延负债的时候，我们用的是25%。
Before the status of high and advanced technology, our tax rate was 25%.
所以在我们这次一次性将前面累计的递延所得税负债再转回调整的时候，由于15%和25%有一个差异，而产生的差异就调为对我们本期的所得税费用的影响。
This results in the difference in the deferred profit tax rate. It is exactly because of the discrepancy between the 15%-25% as arising from the deferred profit tax.
这个计算可能比较复杂一点，但是有一点可以基本明确，因为这基本上就集中在对12年这个影响。
This may seem complicated, but basically this will only take place as far as we know at this point in 2012.
不知道能不能清楚地回答你的问题，有点复杂。那下半年的情况就是正常。
It's complicated.
下半年和今后应该是逐步地已经正常了。
For the next half, the rate will come back up, and therefore the profit tax.
谢谢。第二个问题是想问一下，我们发现几乎是每种的钻井船日费率都有所上升。我想问一下，这个是因为我们的钻井船的队伍的结构有所调整，还是确实是同一条船，日费率都上升了？
Another question I have is that I noticed that the day rates across the board for the rigs have increased. Is that because of fleet adjustment or because day rates itself have come up?
对于我们的半潜式钻井平台来说，大家看到我们今年新增了几个新的半潜式，其中有几艘挪威所谓的半潜式钻井船，它的日费率本身就比较高。
The semi-subs we have, and the rigs, basically they fetch pretty high day rates.
所以半潜式的钻井费率很自然就应该是比去年要高。
With the semi-subs that we have, the day rates logically should be higher.
对于我们自身是钻井平台来说，一部分是上调了，另外一部分是还有所比较平稳。
As for the jackups, they have been consistent, and in some cases they have come down in terms of the day rates.
总体上应该是比较平稳，但是由于有一个汇率的因素，在去年6月底的时候，因为我们在国内签订的合同结算是按人民币，那么它的汇率是6.3，今年是6.1几，所以这个也反映在美元的日收入上，也有一定的增加的影响。
Basically, the day rates were stable. As of the end of June, because of valuation of the currencies exchange rate, given that the contracts are settled in RMB for the international contracts, last year we had a 6.3 exchange rate with US dollars, it's come up to 6.1. Given that effect, it has also increased our day rates because of the exchange rate.
我补充一下这个问题，就是实际上的话，注意到的日费调整主要是两个问题。一个的话，大家可能注意到最近我们增加的船主要是中深水的船，这种船本来价格就要高一些。第二个就是说是在国际上的话，我们的自身是到期的合同，新签的合同，因为现在整个日费都在上升，所以新签合同的日费确实是有所上升。
If I can supplement, we have more deep water vessels, also deep water rigs, also for the new contract, the international contracts, therefore they have also benefited from the aforesaid effect.
另外还有一个问题，就是说在PPT的倒数第三页，绿色的框框里面好像有几条是我们新买的船，是吗？能不能麻烦管理层介绍一下，比如说南海九号、COSL Gift，还有COSL Hunter，能不能说一下他们属于哪一类船？大概作业能力是怎样，还有什么时候是能产生贡献？
I'd like to know from your PPT, it seems that there are some new rigs and vessels such as COSL Hunter, etc. Can you give us some color onto this?
对，刚才提到这三条船，南海九号，还有Hunter，还有Gift这三条船，是我们刚刚完成交割的三条船。然后南海九号是昨天已经进到了中国的我们选择的修理厂，就是船厂，在进行维护和修理。我们现在希望它能够在10月初给公司就能做出贡献，因为合同都已经确定了。先翻翻这一块。
As for the three vessels that you've mentioned Hunter, Gift and Nanhai, that's NH9, they are new vessels. As for NH9, it is now docked and probably in early October it will commence service. It's already been contracted, it's serviced and we continue.
这条船从半潜式的概念讲，它是第四代船。但是从深水就是1500米水深这个概念讲，它是第一代船，整个船况不错。实际上它船上的设备已经在原船中已经进行了修理。我们这次在国内主要是船体结构上可能要做一些维护，包括有些提升。
For deepwater vessel that is 1,500-meter operation, it is a first-generation vessel. After the maintenance this time, in fact the facilities are all there, but this time the maintenance at the dock is really for the body of the vessel.
这两条375的船是今年以前吧，9月份、10月份可能都会交船，因为这两条船合同都是国际上的合同，应该说包括拖航，应该给公司做出贡献，应该是明年的年初。
As for the two 375 vessels, in September and October of the year they were delivered and there are already international contracts which have been agreed and the contribution should come in probably early next year.
谢谢。
谢谢。那后面的朋友有些问题，或是这边中间这位先生，然后到旁边这两位。
谢谢。管理层，我是花旗的黄小丹。我有一个问题，随着公司在钻井平台购买更多的设备，公司有没有一个融资的计划，包括股权或者是银行贷款？谢谢。
With new rigs and new purchases, is the company considering any financing, equity or bank borrowing, new financing?
CFO。
好，我回答这个问题。我们到6月30号，手头还有将近140亿的现金，或者是可以动用的现金资源。
As of the end of June, we have on hand CNY 14 billion in terms of cash or cash facilities.
但是刚才同时也说了，我们CapEx的支出也有可能还会继续增加。
As mentioned, we will be increasing our CapEx.
所以我们短期内融资的压力并不是很大，但是我们也不排除合适的时候，如果是我们的项目，新的项目，如果确认需要CapEx比我们原来估计的要增加的话，我们也不排除去考虑这件事情。
In the short term, we do not have any pressure for financing, but we do not rule out the possibility that with new projects coming onto stream, if the CapEx is to be revised upwards, we may consider financing opportunities.
但是到今天为止，我们没有明确的新的融资的计划。
As of this moment in time, we do not have any definite new financing plans yet.
谢谢。那以下的问题可能先是这边的两位先生，然后是我右手边的这边的朋友。
管理层好，我是UBS的分析师李国男。首先恭喜管理层获得一个很好的业绩。我有两个问题。第一个问题是我看到公司在上半年drilling这个板块的增长非常快，不管revenue还是EBITDA。但是另外三个板块Well Service、Marine Support还有Geophysical profitability，EBITDA margin好像是下降了不少，就是EBITDA的增速并不太快，Geophysical的这个EBITDA反倒下降了。我请问公司管理层能不能稍微解释一下这个主要的原因是什么？是内部的竞争，在中国海上竞争激烈吗？还是说什么其他的原因？
先翻翻这个吧，一条一条来。
This is a question from UBS. Congratulations to the company for great results. For the first half, I find that those drilling rigs revenue and EBITDA have gone up, but not so for the other segments of the company. Why is that?
请CEO来回答这个问题。
我得一个一个给你讲讲。
Let me go through the segments one by one.
我们首先说物探这个板块。大家知道从去年开始到今年，我们物探板块没有新的工作量，只有装备的投入，没有新装备的投入，就新的能力没有投入。
First of all, for geophysical and survey, as you know, there's not been any new equipment commissioned within the year.
另外一个，今年上半年就是在作业的这个，因为物探的话跟天气有非常大的关系，另外跟它作业的这个区块有非常大的关系。今年上半年和去年相比的话，因为它作业的区块，比如说两块，一块是一个作业的一个客户，另外一块的话它不能同时作业，那么这个使得物探的这个作业效率比去年同期有所下降。
As you know, for geophysical and survey service, it very much depends on the weather as well as the area of operation. In the first half, it was adversely affected by both weather as well as the fact that the vessel, if it is engaged in a particular area by a particular client, it cannot be servicing another one. With these two factors, the revenue came down.
但是尽管如此，上半年大家可以注意，物探板块还是增长的。很不容易，非常不容易。刚才说的那个影响因素也只是暂时的，因为我们新建的12艘物探船最快的明年就可以交了，到时候整个物探板块会有新的活力。
However, for the first half, the revenue had still come up. As you know, we will have new equipment commissioned in geophysical and surveys, perhaps early next year.
油气板块的话，大家可以看到今年上半年实际上增长是非常不错的，双位数的增长。但是油气板块刚才说到的margin有点特殊原因，就是这几年我们在科研投入上力度是非常大的。可以这样讲，我们现在新的、全球最高端的油田技术这两个主要的装备，基本上已经完成了工业实验。
well servicing, it is led by new R&D. For the latest technology, for the 2 types of equipment that is leading the world in terms of its advanced technology, they will be commissioned by our company soon.
这一块的话，过去我们基本上是分包给我们的竞争对手，你比如说斯伦贝谢、贝克休斯、哈里伯顿之类的。我们预测两年以后这个局面就会大幅度地改观，就是高端这一块的话，就完全是可以用我们自己的技术了。到时候大家可以注意，目前油气的这种情况是短暂的。也就是说，未来整个油气我们自有技术力量的大幅度提升的话，这个情况会发生非常大的变化。
That is to say, in the future with our own self-developed and self-owned equipment, this will give a lot of impetus to this particular area of well servicing. At present, we have to charter the advanced equipment.
船舶板块的情况稍微特殊一点，因为按照有关的法规，34年的船必须要报废。那么今年我们一共有5条船要报废。
MS&T, the new policy is that.
不是new policy，就是过去一直是这样的。
The existing policy had been that for a fleet of 30 or vessels of 34 years or over, they will have to be written off. This year we will have five such vessels.
那么今年为了弥补市场的需求，我们从外面租了一些船，来填补市场的空缺。
To make up for this gap, we will be chartering vessels.
那么我们租的这种船肯定比我们自有的船的margin要低一些。
Of course, this will fetch lower margins than our self-owned fleet.
这也是为什么我们上半年买了两条船，我们下半年还会集中精力买一批高端的船舶。
That is the reason why in the first half we have purchased two vessels, and in the second half we will continue to do so, especially for high-end, high-technology vessels.
所以我总结一下，这三块各有各的原因，但是你看到的都是真实的情况，但是那就是各有各的原因，但是这种问题都是短暂的。
For these three segments, as I have explained, they have been affected. However, I assure you that the effects will be short-lived.
补充一点，关于我们的船舶板块，其实我们今年刚刚跟船厂签订了建造15艘船舶的合同。这些船舶可希望在15年左右交船，来开始作业，为公司做贡献。
For MS&T, if I can just supplement, we have contracted for 15 new vessels, which we believe will be delivered in 2015. [Foreign language]
你好，管总。第二个问题可能比较宏观一点，我们注意到公司在一个是中国南海，一个是海外市场，这两方面的扩张都非常的迅速。我想从宏观的角度问一下，就这两个领域相比较一下，我们是不是更看好海外的市场的扩张？因为可能南海的未来的不确定性啊，各种因素，还是说我们更看好南海的扩张？我们怎么平衡这两个新的领域，公司未来的发展？谢谢。
This is a question about the balance between the international market and the China South Sea market. Given the instability of the South Sea situation, how would the company balance between the two in terms of business development going into the future?
准确地讲，这两块我们都看好。
We are bullish on both.
大家可以注意刚才飞龙先生在介绍的时候，深水这一块，我们在短短的两三年时间，我们的收入已经提高到了17%。
As Mr. Li had mentioned just now, for deep water operations, we have already increased our margin to 17%.
Margin.
Revenue percentage. Our revenue percentage to 17%. There will be huge impetus for our performance given the NH9 and our new deep water equipment, also some of the technology that we have self-developed. For the international market, with the building up of the COSL name and also with our increased influence, we have been able to get more contracts compared to before. We will not swerve from our determination to further develop our international market especially given our accumulated experience and our plugging into the network internationally, we will continue to grow in this area. As we grow our international business, we will continue to consolidate and develop in the China seas, the nearshore as well as deep water areas. South China Sea is more important than ever before.
In fact, for the newly acquired NH8, NH9, and NH7, they are really focused on the South China Sea's operations.
This gentleman here.
Thank you. My name is David Hurd and I'm with Deutsche Bank. I wanted to ask or discuss two things this morning, if I could. The first one is your drilling revenues, which has been discussed a little bit before, and the other is your CapEx, which also has been discussed. On your drilling revenues, during the first half of 2012, I believe you reported about $80 million in either towing fees or refurbishment fees, things of that nature. I was wondering, my first question, how much of your revenue in the first half on the drilling side, how much of that revenue comes from these sort of items as opposed to just drilling?
May I confirm your question, David?
Say it again.
Can I confirm your question?
Can you repeat your question?
The question is, last year you booked about $80 million first half, so CNY 500 million-CNY 550 million first half for towing and/or refurbishment of your rigs. You changed your reporting from reporting your day rates on your rigs to reporting daily income on your rigs. I'm questioning in the first half, your revenues seem to be about CNY 500 million higher than consensus, and that would be another $80 million in sort of towing fees or refurbishment fees. I was wondering in the first half, how much of your revenue on the drilling side actually came from these one-off items? Thank you. The other way of looking at it, I think maybe you've already confirmed it, you said organically there were no changes to your day rates. You can address it from either side. Thank you.
Okay.
他想知道上半年的收入，因为比大家的期望增加了5个亿人民币，这个主要是来自于哪一方面？就是刚才讲的那种refurbishment，就是修缮那种，还是真的是从钻井的日费里面赚来的？
首先，我们在我们的钻井板块的收入里面，是包括我们钻井服务的日费的收入，以及包括对方支付的动员费，分摊到我们每一个会计期间的那部分的收入。
The drilling revenue that we book includes the day rate as well as the mobilization payment that is paid us, These are distributed or allocated across the relevant period.
在过去，动员费这个比例也是非常低的。去年出现的一个，或者应该算是今年出现的一个，就是我们南海七号，租赁南海七号的船，这个船也是对方股东的，我们租赁来的，那么他们委托我们来进行维修。那么相关的维修费实际上对方出，但是我们签订的是一个委托维修的合同。
Well, to confirm you, yes, the drilling revenue includes the day rate, There is a particular situation with regard to NH 7, which is a chartered vessel, That is maintenance work had to be carried out for NH 7. The maintenance fee was paid by the other party. On the other hand, we, COSL, was commissioned to supervise and handle the entire maintenance operation Therefore there was a fee that we have collected.
所以在今年的报表，大概有3000多万美金的收入，其实都包括了这个维修费。
There is about a $30 million revenue that partly comes from this particular source.
总的来说，这一部分费用还是非常小的。
overall speaking, this kind of fee or revenue is very small, relatively speaking.
Was there a towing fee also in the first half?
Towing fee.
Towing fee?
Towing。
towing.
Towing。
Towing。
I believe those were the two, I thought of them as being one-offs, but obviously when you are getting new rates, they are not going to be one-offs.
看来我本来以为这是一次过的一些事情，但看来这个可能不一定。
不，是一次过的事情，他理解得完全对。这就是非常特殊的一件事情，就是南海七号。南海七号因为我们从银行的租赁公司租来的这条船，但是银行本身它没有任何操作这条船的能力，所以包括拖航，包括维修，他就给我们一揽子给了我们一笔钱，我们钻井这块就做了收入了，修理这块我们做了支出。就这样，就这一次性的。不会是个常态的事情。
Actually, as you point out, actually it is a one-off event. It is a one-off event for Nanhai 7, the vessel, which was chartered, the owners, the bank, but the bank has no experience on operation management or maintenance. The towing fee that you mentioned and the maintenance revenue as mentioned just now by Mr. Li, was a one-off revenue stemming from this Nanhai 7 maintenance.
Right. In the first half of 2013, the totality of that one-off was CNY 30 million.
在2013年的上半年，这个所谓一次性的收入是1,300万，是不是？
具体的数字我可能要问一下。
3,000万。
3000 万. CNY 30 million.
Okay, thank you. The other question which should be a lot quicker, in 2012, you also mentioned that your targeted CapEx between 2011 to 2015 was anywhere between CNY 28 billion-CNY 30 billion. Is that a target you're still reaching for? Thank you very much.
有关资本支出，2011年到2015年，你们有一个指引，就是280个亿到300个亿，这个还是维持吗？
应该是。我们原来说的是要十二五期间不低于十一五期间的这个总的资本投资。现在我们还是维持这样一个目标。但是实际运行过程当中，从今年我们可以看到的情况，有可能会超过。
We have mentioned that we will keep at least the 11th Five-Year Plan period CapEx for the 12th Five-Year Plan period. Given the present situation of operation, it is possible that we may revise upwards our CapEx guidance.
谢谢。由于时间关系，我们提问最后两个问题。这边这位先生也是举了很多次手了。
谢谢管丽芬，我是Morgan Stanley的分析员梦宇，有两个问题想要请教一下。第一个是关于我们的资本开支，我们看得出现在买平台，一般一个深水、两个jackup这样去配对。那如果按照我们这样一个配对的话，未来我们深水和我们浅水的收入比例可能深水就会超过50%，接近60%这样一个状态。那这是不是我们未来五年到十年的这样一个愿景，就是说深水应该是成为公司成长主要的一个增长部分。那如果是这样的话，在深水和浅水这两个板块，哪一块目前的margin更高一些？会不会因为我们这样的收入结构变化，对我们未来的margin产生影响？
This is a question about the margin between near water and deep water. The analyst from Morgan Stanley noticed that for deep water purchase of new equipment, it seems that the revenue will be increasing by 50% or nearly 60%, and this may persist for the next five to 10 years. That is a question. Would that affect the margin relative between deep water and near water going forward? What is the company's take?
这个一个深水配两个jackup，没有这个规律，这可能是你把这个数除了一下。
You did mention one deepwater and two jackups. I beg to differ on that point.
我们未来也不会这样配，因为还是取决于浅水和深水的市场的需求。
For our future planning, it will very much depend on the market, both for shallow and for deepwater.
当然深水它的技术要求高，装备也贵，那么它的margin也应该高。
For deepwater, because of the technical requirement which is higher and the equipment more expensive, the margin should rightfully also be higher.
但是这一切还得取决于公司的有效运营。
It depends also on the efficiency of our operation as well.
因为浅水我们很熟悉，深水我们是在一个逐步地进入过程。开局很好，但是未来我们还是得防范风险，积极稳妥地进入深水。
We are very experienced in shallow waters. For deep waters, we've had a very good beginning. Going forward, we will definitely be wary of risks and will continue to move forward in deep water cautiously but steadily.
因为现在我们也很难把它划分深水和浅水各占多少比重，但是只要这两方面有机会，有市场，我们都会一样地重视。
It's very difficult to give you a breakdown for deep water and shallow water operations going forward, we will be definitely keeping very close to the market and will be looking for suitable opportunities in both.
谢谢。
Thank you.
Thank you.
第二个问题是关于我们下半年的资本开支当中谈到的，我们自己也会再购买一个新的半潜式平台和两个jackup，400英尺的。所以想了解一下更多的细节，这几个平台我们买来以后放在哪个海域用？交付的时间大概是在什么时段？能够对我们的收入产生一个正面影响？谢谢。
这由CEO来回答。
This is a question about the second half new purchases of two jackups and a semi-submersible. The delivery time, the contribution of revenue, and where will they be operating?
这个问题刚才实际上我回答过了。南海9号是在中国南海，是为了弥补现在1500米水深南海的钻井船不足的这种，我们购买的。
For NH9, will be operational in South China Sea, as mentioned earlier, this is to plug a particular gap in that market.
两个新建的自升式，它是9月份、10月份出厂。这两条船我们都是在国际上拿的合同，因为现在的合同在谈判过程中，我不好跟你现在披露具体的地点，但是大家可以想象都在我们传统的市场上，就是COSL过去有比较多的市场。
The two jackups will be commissioned in September and October. Contracts are being negotiated. I'm not in a position right now to give you the details, but suffice to say that they will be operational within the conventional or familiar areas that we operate in.
抱歉，我刚才问的应该是除了这之外的另外的一个采购，因为375英尺的我已经知道了，我们还在年报当中谈过400-foot英尺，主要还是新的东西。
I would like to know about the new purchase.
我们是在建的，我们现在是在建的两个400-foot，还有一个5000尺的。这个是最近可能要在中国签合同的，但这个船要交的话，要到15年、16年去了。
You are talking about new capacity that are still under construction. The delivery time may be as late as 2015.
我顺便说一下，我们在建的船，这个市场目标跟我们买的不太一样。我们买的，一个是我们有服务市场的，还有一个是现在你能买到的。但是我们在造的船，基本上我们都锁定了目标市场，这个设计都是特别设计的，因为哪个市场需要什么样的船，我们这个船是专门为特定市场设计的，是这么个情况。
There is a difference between purchases and self-built vessels. For purchases, really it depends on the market demand and also the vessels that we can purchase. As for built vessels, they are purposely built. They are specifically targeted for particular markets.
谢谢。由于时间关系，我们就让你们两位每人问一条问题，简单一点，好不好？
各位领导，非常感谢。我是高盛李燕涛。我的问题是，我之前参观过秦皇岛32-6，就是这个调井项目，从提高采收率角度来说，咱们公司未来有什么计划？包括陆上的，我看好像是第一次把这个页岩气什么的提到咱们的报告里边，就页岩气、煤层气、陆上，还有包括加拿大油砂，还有咱们渤海湾，提高采收率这些方面怎么去做，怎么发挥优势？谢谢。
This is the first time I see that in your report there is a collection segment for CBM, for shale and oil sands, etc, shale gas and also the Bohai Bay area. Can you give us more information concerning this?
你这尽管是一个问题，但是包括的内容很多。
That's one question with a lot of contents to it.
提高采收率一直是COSL的一个主要的业务。COSL的油田技术板块有很大一部分就是从事这项工作。为什么COSL看重这个业务呢？因为在生产的油田，咱们中国近海这些油田都面临着一个提高采收率的问题，所以这是中海油服未来发展的一个很大的领域。
This is a very important area, the collection segment, it is a big enhancement to our business. In fact, going forward for the near shore business for especially around the China seas area, this will be a major contribution.
为了满足，当然提高采收率有很多技术。为了解决渤海湾的这个，其中一个提高采收率的一个重要手段就是压裂。COSL也正在积极地准备要建造一条专门用于压裂的这样一个工程船。
For the Bohai Bay region, fracking will be one of the answers to increasing our collection and recovery rate. We are in the process of purpose building a vessel for this.
所以提高采收率，这是一个很大的市场。中海油服在这方面在积极进行技术研究和一些相关技术研究，包括我们的稠油热采，这都是为这个服务的。这一块是中海油服未来的一个非常重要的业务领域。
Heat injection. [Foreign language]
This is a major market that's going forward. This will be a major market for COSL and in particular for multi-component thermal fluid technology , which is to be applied in the Bohai Bay Area. This will point to a very important way forward for COSL as a business sector.
那么煤层气不仅仅是一个提高采收率的问题了，就是怎么样进入这个领域，或者在这个领域里怎么样找到我们自己的特长来开拓市场，并且使这个技术服务能够有效率。
For CBM, this is an area that we will be opening up more and more. First of all, we will have to establish our own strengths and also advance ourselves in terms of technology.
所以我们在积极地进入这个领域，而且我们提供的服务的这个市场收入比去年已经增加了一倍。
This is an important area of business development for us, CBM. As you know, our revenue from this sector had increased by over 100% compared to the same period last year.
当然煤层气的竞争也是很激烈的，价格也是竞争非常激烈。
当然中海油服在整个钻井系统还是选准自己服务的优势，我们还是在高端市场上做我们的服务。
The CBM market is highly competitive and also in pricing, we will continue to move steadfast in this market, especially we will be moving into the high-end market.
实际上主要是集中在侧井和定向井服务上。
Basically, we will be focusing on the well services and also in logging.
那么页岩气呢，我们是积极地关注这个领域的技术进步，积极地研究一些技术并且做一些尝试。当然主要也还是在侧井和定向井这个方面，我们还是做高端的，跟钻井系统一样，但是在装备的投入上，我们还是持谨慎的态度。
As for shale gas, it is a new technology area. We will continue to step up with our efforts in R&D. We will conduct tests. We will be focusing on the high-end side of the market and in logging and in directional drilling. As for equipment, we will be cautious.
也就是说在页岩气上面，我们非常关注这个市场，但是我们不会像社会上这个行业普遍的有这么大的热情，我们还是保留着一份清醒。
Shale gas indeed is a very important area. However, unlike the mass market, which is going feverish, we will be partially still very awake.
好，谢谢。
谢谢。那我想前面的答问也是比较长一些，我们今天的答问时间真的是已经结束了。再次感谢各位对COSL的关注，谢谢各位。