China Oilfield Services (COSL), the nation’s leading offshore service contractor, has announced a 20% reduction in its capital spending for 2024, adjusting it to 7.4 billion yuan ($1.02 billion).

This decision marks a strategic shift from the anticipated 9.3 billion yuan ($1.29 billion) expenditure projected for the previous year.

According to a statement released by the Hong Kong-listed company, this year’s adjusted capital expenditure aligns with the operating conditions anticipated in 2024.