Zhitong Financial APP learned that Credit Suisse released a research report that maintained$China Oilfield Service (02883.HK) $The "outperform" rating, with a target price of 11 per cent from HK $9 to HK $10, extends its valuation to 2022, equivalent to double the forecast price-to-book ratio this year.

COSL held this year's Strategy Day on the 25th, indicating that the oil field services market is recovering, similar to the comments made by its global peers over the past week on the results of the fourth quarter of last year, the report said. The bank said that due to the steady increase in CNOOC's capital expenditure budget for 00883 (up to 10 per cent year-on-year), COSL's Jack-up rig utilization was expected to increase to 88 per cent this year from 70 per cent in the first nine months of last year. In addition, the group also expects to sign new overseas contracts worth 1.2 billion US dollars this year.