China Oilfield Services Limited board of directors announced that based on the preliminary calculation by the finance department of the company, for the twelve months ended 31 December 2017 in accordance with the Hong Kong Financial Reporting Standards, the company will record a net profit compared to the net loss for the twelve months ended 31 December 2016 (official disclosed numbers). It is estimated that the net profit attributable to owners of the company as reported in accordance with HKFRS for the twelve months ended on 31 December 2017 will amount to approximately RMB 33,000,000. The amount of non-recurring items including revenue from wealth management products, government subsidies, reversal of provision made based on individual assessment for impairment of accounts receivables, and compensation for late delivery of the vessels is around RMB 516,000,000. Therefore, the net loss attributable to owners of the company after deducting non-recurring items will be around RMB 483,000,000. The company is of the view that the estimated increase in profit is mainly attributable to the factors: Main Business Impact- In 2017, both the utilization rate of equipment sector of the company and the workload of well services sector were increased a lot, and the service prices of some production lines increased to some extent. In addition, the company vigorously implemented cost reduction and efficiency improvement measures, and constantly optimized the cost structure, which also had a positive impact on the performance of the company. Compared to the year in 2016, the Company made provision for fixed assets and goodwill impairments and bad debt provision for accounts receivable of RMB 8,272,710,000; Non-recurring Gains and Losses Impact- In 2017, the net profit attributable to owners of the company is expected to increase by around RMB 516,000,000 due to non-recurring items, mainly including revenue from wealth management products, government subsidies, reversal of provision made based on individual assessment for impairment of accounts receivables, and compensation for late delivery of the vessels.