The Zhitong Finance App learned that CNOOC Services (02883) is now up nearly 5%. As of press release, it has risen 4.5% to HK$9.28, with a turnover of HK$13.468 million.

According to the news, CNOOC Service announced first-quarter results, achieving operating revenue of 10.148 billion yuan, an increase of 20% year on year; net profit of 636 million yuan, up 57.3% year on year. CICC said that the first quarter results were in line with expectations. Mainly, overseas drilling operations gradually contributed to profits in the second half of '23, and there were no ship repair costs; at the same time, revenue from the petroleum technology business continued to increase steadily.

The bank pointed out that the impact of the Saudi ship stoppage has basically been reflected in stock prices. According to the company's guidelines, assuming that in the absence of new orders, the four drilling vessels operating in Saudi Arabia will gradually shut down starting 2Q24, which will affect the company's profit of about 400 million yuan. The bank believes that some of these equipment may receive other orders from around the world to hedge against the impact.