UBS released a report stating that CNOOC's first-quarter results met expectations and maintained a “buy” rating, with a target price of HK$10.8. According to the report, CNOOC Services' net profit for the first quarter was 636 million yuan, an increase of 57% year-on-year, slightly exceeding market expectations and in line with the forecast. Thanks to the increase in the utilization rate of overseas drilling rigs, the high-margin oil well service sector's share of total profit before interest and tax rose to 87% to 88% (83% last year), increasing gross margin for the first quarter by 2.6 percentage points and 1.2 percentage points from year to quarter, respectively. According to UBS, the company has been expanding overseas. A Norwegian semi-submersible drilling platform will be put into operation from July to August. Regarding the shutdown of drilling platforms in the Middle East, the company is actively exploring opportunities in other regions.