On April 25, China Offshore Oil Engineering Co. (hereinafter referred to as “COOEC”) released the “2025 First Quarter Report”.
The report disclosed that COOEC achieved operating income of 5.096 billion yuan (approximately US$698 million) in the first quarter, a year-on-year decrease of 10.15%; net profit attributable to shareholders of listed companies was 541 million yuan (approximately US$74 million), a year-on-year increase of 13.85%, and profits hit a new high for the same period.
COOEC said that during the reporting period, the company continued to deepen its market presence and achieved a contract value of 3.563 billion yuan (about US$488 million). As of the end of the reporting period, the total amount of orders on hand was about 38.4 billion yuan (about US$5.26 billion), which continued to provide solid support for the steady development of the company’s business.
According to the report, COOEC’s domestic oil and gas business continues to aim at increasing reserves and production, and mainly undertakes projects such as the secondary adjustment of 1/2/3/8/9 areas of Penglai 19-3 oilfield, the development of Dongfang 13-3 gas field, and the development of Kenli 10-2 oilfield; overseas business continues to anchor international development requirements, focus on key overseas regional markets, and continuously expand overseas market increments, mainly undertaking projects such as Total ALK subsea pipe replacement and Shell HI wellhead platform EPF work package; green engineering business resolutely implements the country’s “dual carbon” strategy, continues to practice the concept of green development, optimizes the layout of new energy business, and continues to increase the expansion of new energy business.
In terms of engineering construction, COOEC operated 69 projects above designated size in the first quarter, of which 4 were completed. It completed the onshore construction of 10 jackets and 2 modules, the offshore installation of 11 jackets and 3 modules, the laying of 79.8 kilometers of submarine pipelines and 6.6 kilometers of submarine cables; achieved a land processing volume of 109,700 tons; and invested 5,900 ship-days in offshore operations such as installation, with orderly production.
In the first quarter, COOEC’s domestic business was steady. The first phase of the Bozhong 26-6 oilfield development project was successfully completed. The project adopted the “elevated integration” pre-assembly construction mode, with an average construction integration rate of 81%; the Wenchang 16-2 10,000-ton class offshore oil and gas platform jacket, which was independently designed and built, was successfully installed. This jacket is currently the highest installed offshore oil and gas platform jacket in Hainan waters.
COOEC’s overseas business is progressing steadily. The ISND 5-2 project in Qatar has completed the capping of all the jackets. This project is the most diverse and complex international offshore oil and gas field EPC project undertaken by Chinese enterprises. The construction difficulty and technical requirements have reached the international advanced level. At the same time, the project won the owner’s 1 million safety working hours memorial award.
In terms of green projects, the Lufeng Oilfield Group Clean Energy Power Supply Reconstruction Demonstration Project, the world’s largest single-capacity deep-sea tension-leg floating wind power platform, has been successfully commenced; the Inch Cape European Offshore Wind Power Project, the largest overseas wind power project led by Chinese enterprise, has entered the construction stage.
In addition, COOEC actively carried out 376 scientific and technological innovations in the first quarter, and all tasks were carried out in an orderly manner. The company’s independently developed first deepwater underwater oil recovery tree in China successfully completed the assembly gas tightness test, marking a solid step for COOEC’s localization of deep-sea oil and gas development equipment; the construction of the first 100,000-level high clean room dedicated to marine oil and gas equipment was completed, helping China’s marine oil and gas equipment precision manufacturing to reach a new level.