Sinopec Oilfield Service Corporation (Sinopec SSC) released unaudited interim results for the six-month period ended 30 June 2026.

• Operating revenue increased 1.7 % year on year to 37.66 billion RMB, driven by higher contributions from engineering & construction (+15.2 %) and international markets (+20.9 %). Mainland China accounted for 69 % of turnover, overseas markets for 31 %.

• Net profit attributable to shareholders rose 3.5 % to 0.51 billion RMB under PRC ASBE, while IFRS-based profit stood at 0.76 billion RMB (-0.2 % yoy). Basic EPS remained 0.040 RMB.

• Gross margin held at 8.2 %. Segment margins were led by logging/mud-logging (19.7 %), followed by drilling (9.0 %), geophysics (7.4 %) and engineering & construction (6.6 %).

• Operating cash inflow improved 36.6 % to 2.94 billion RMB, supported by expanded supplier-financing programmes. Free cash was mainly deployed to CAPEX of 0.58 billion RMB (-38.9 % yoy).

• Total assets reached 77.63 billion RMB (+0.5 % versus end-2025). The liability-to-asset ratio eased to 87.1 % from 88.0 %. Interest-bearing debt stood at 31.33 billion RMB, all denominated in local currency; gearing ratio was 73.2 %.

• Contract backlog remained robust: newly-signed contracts in 1H26 totalled 64.08 billion RMB, matching the best half-year level since the 13th Five-Year Plan. Domestic external contracts more than doubled (+110.1 %), partly offsetting lower orders from parent CPC (-17.1 %) and overseas markets (-22.2 %).

• By segment, drilling delivered revenue of 18.20 billion RMB (flat yoy) on 5,740 km footage (+2.5 %). Engineering & construction generated 9.98 billion RMB; international business contributed 11.22 billion RMB, or 30 % of group revenue.

• Capital structure remained unchanged, with China Petrochemical Corporation holding 52.59 % of shares directly and 66.28 % on a combined basis. The shareholder base totalled 183,742 at period-end. No interim dividend was declared.

• Management guides full-year new contract value above 96 billion RMB and expects 2H26 activity to benefit from sustained domestic E&P spending and elevated international oil prices. Planned 2H26 CAPEX is 2.66 billion RMB, focused on automated rigs, high-pressure fracturing equipment and digital upgrades.