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<Research>Macquarie Cuts CHINA OILFIELD's TP by 29% to HKD8.6 on Early Termination of 2 Drilling Platform Contracts
Recent reports mentioned Saudi Aramco's early termination of contracts for two drilling platforms of CHINA OILFIELD (02883.HK), namely COSLBoss and Hai Yang Shi You 936, accord...
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<Research>Macquarie Cuts CHINA OILFIELD's TP by 29% to HKD8.6 on Early Termination of 2 Drilling Platform Contracts
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Recent reports mentioned Saudi Aramco's early termination of contracts for two drilling platforms of CHINA OILFIELD (02883.HK)  -0.080 (-1.208%)    Short selling $8.96M; Ratio 14.079%   , namely COSLBoss and Hai Yang Shi You 936, according to Macquarie's research report.

Both platforms are currently located at shipyards in Saudi Arabia without further contractual commitments, and compensation has yet to be determined.

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In Macquarie's opinion, CHINA OILFIELD may have underestimated the risks in the Middle East market and has been too rapid and extensive in deploying capacity and capital expenditure. The broker lowered its 2025-27 income forecasts for the company by 1.5%/ 2.4%, as well as its 2025-27 earnings forecasts by 15%/ 9%/ 7% to reflect the impact of the halt of drilling platform operations in the Middle East, the suspension of the jack-up drilling platforms, and rising costs of semi-submersible platforms.

Macquarie cut its target price for CHINA OILFIELD by 29% to HKD8.6, with an Outperform rating remaining in place.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-20 16:25.)

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