On March 17, China Offshore Oil Engineering Co (hereinafter referred to as “COOEC”) announced its operating results for 2024.
In 2024, COOEC achieved annual operating revenue of RMB29.954 billion (approximately US$4.140 billion) and net profit attributable to shareholders of the listed company of RMB2.161 billion (approximately US$299 million), which was a record high in the past nine years. As of December 31, 2024, COOEC has total assets of RMB48.231 billion (approximately US$6.666 billion), net assets attributable to shareholders of the listed company of RMB26.267 billion (approximately US$3.630 billion), and an asset-liability ratio of 41.38%, with the capital structure continuing to be sound and the momentum of high-quality development becoming more solid.
COOEC Implemented a total of 73 projects above scale throughout the year, of which 34 were completed during the year. The steel processing volume of 453,900 tons was completed during the year, which continued to maintain a high level.
These include:
- The successful delivery of Asia’s first deepwater jacket, “Hai Ji II”, marking a new upgrade in the “Hai Ji” deepwater series products and achieving a high level of autonomy in the design and construction technology of all types of floating production storage and offloading (FPSO) units.
- The successful construction of Asia’s first cylindrical FPSO, “Hai Kui I,” further enhancing COOEC’s industry influence in the high-end FPSO construction sector.
- The completion of the second phase of China’s first deepwater high-pressure gas field, “Deep Sea No. 1,” effectively boosting the peak annual production of the “Deep Sea No. 1” ultra-deepwater gas field by 50%.
- The high-quality completion of the construction of the Saudi Aramco Marjan oil and gas gathering platform, the largest and most capable international offshore oil and gas platform delivered by China, marking a new breakthrough in the international offshore oil and gas engineering capabilities of Chinese enterprises.
- The independent development of a new TLP-based floating wind power technology, which has received dual principle approval certificates from the China Classification Society and Bureau Veritas, signifying COOEC’s prototype design capability for TLP floating wind power platforms and establishing a distinctive core competitiveness in deep-sea wind power.
In 2024, COOEC achieved a market contracting volume of RMB 30.244 billion, with orders in hand of about RMB 40 billion, which will provide strong support for the continuous increase of market development in the future. COOEC has deepened its presence in the international market, continuously strengthened its capabilities, and advanced its transformation into a global engineering contractor. The company successfully signed a corporate framework cooperation agreement with Shell and renewed its long-term cooperation agreement with Saudi Aramco, marking a new chapter in its international development.
COOEC has been listed on both the ENR’s Top 250 International Contractors and Global Contractors rankings for two consecutive years. The company has also secured 16 prestigious honors and awards, including the Golden Round Table Award for Boards for Board, the Tianma Award for Investor Relations, the Top 100 Growth Enterprises Award for Listed Companies, and the ESG Book Top 100 Award, further solidifying its recognition in the capital market.
Looking forward to 2025, COOEC is in a promising period of strategic growth and a challenging period of development, and it will strive to build a world-class offshore energy engineering company with Chinese characteristics and create greater value for its shareholders and the society.