HK Stock Movement | CHINA OILFIELD (02883) Rises Over 6% Post-Earnings, Q3 Performance Beats Market Expectations with Overseas High-Day-Rate Drilling Boosting Margins

Stock News10-30

CHINA OILFIELD (02883) surged more than 6% following its earnings release. At the time of writing, the stock was up 6.06% to HKD 7.52, with a turnover of HKD 84.40 million.

The company reported its third-quarter results, posting revenue of RMB 11.53 billion, a 3.6% year-on-year increase, and net profit attributable to shareholders of RMB 1.25 billion, up 46.1% YoY. Analysts noted that the Q3 2025 performance exceeded market expectations, driven by higher drilling activity days.

Gross margin rose by 2 percentage points YoY to 13%, primarily attributed to high-day-rate projects in the North Sea. Notably, deepwater high-value contracts in Norway are expected to continue, while operations in Brazil’s deepwater sector are projected to gradually contribute to profits amid a recovery in global drilling demand. However, oilfield technical services saw a slight decline compared to the previous year.

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