On June 20th, Sinopec Oilfield Service Corporation (SSC) held the Annual General Meeting for 2017 in Beijing. The meeting deliberated and passed 8 resolutions for 2017 including the Board of Directors’ Work Report, the Supervisory Committee’s Work Report and Financial Audit Report, etc. Mr. Sun Qingde who is SSC vice chairman and president delivered the Board of Directors’ Work Report, and Mr. Li Wei who is chairman of the Supervisory Committee’ delivered the Board of Supervision’ Work Report.
In 2017, it is not only an extremely difficult year for SSC to fight, thrive and survive, but also a year when SSC rose against challenges and moved forward. In this year, the international oilfield service industry that is full of severe challenges recovered slowly. SSC, on one hand, continued to provide excellent and high-efficiency services to the clients based on their requirements, maintained the great strength of extending markets and making profits, and successfully motivated all the staff to work for market extension; on the other hand, it kept to deepen internal reforms, cut down over capacities, smooth the way for developing affiliate business and optimize the main business. In 2007, SSC withstood severe challenges of the industry winter, went across the downturn and realized restorative growth with joint efforts of the board of directors, the Supervisory Committee’, senior management and all the staff.
It is a critical year in 2018 when SSC continues to deepen reforms, reduce losses and make profits. The company will focus on the followings:firstly, it will channel all the efforts to grab markets, make more revenues as well as profits, and sign new contracts valued at 57.8 billion USD; secondly, it will consecutively deepen reforms, advocate transformation and development, optimize the main business, effectively develop technological services as well as new business, separate and motivate affiliate business, and upgrade the structures; thirdly, it will strengthen internal management, enhance responsibilities of reducing costs and increasing profits, and improve capabilities of management as well making profits; fourthly, it will put more focus on technological innovation led by requirements of E&P(exploration and production) and the market, accelerate industrialization and serialization of technologies, improve service qualities and strengthen core competitive capabilities.(Rong Liming)