According to the Zhixin Finance app, China Oilfield Services (02883) is now down over 4%. As of the press release, it has fallen 4.34% to HKD 7.27, with a turnover of HKD 51.45 million.

In terms of news, China Oilfield Services has announced that Chief Financial Officer Zhong Xiaojie has resigned due to work changes, effective from June 18, 2024. The Board of Directors of the company has agreed to appoint Qi Ji as the new Chief Financial Officer, effective from the same day. Qi Ji has previously held positions such as accounting supervisor in the finance and capital department of CNOOC.

Earlier, Deutsche Bank issued a report stating that China Oilfield Services has suspended operations at four drilling platforms in Saudi Arabia. With 25 self-lifting drilling platforms in Saudi Arabia already shut down, the supply and demand situation for self-lifting drilling platforms around the world may become even more unfavorable. Deutsche Bank has lowered its profit forecasts for the next two years by 8% and 6% respectively, and lowered its production and utilization rate expectations for this year and the coming years. Overall, the bank has lowered its earnings per share expectations for China Oilfield Services for the next two years by 12% each. The target price has been lowered to HKD 11.5, and the rating is set to "shareholding."