On March 18, Offshore Oil Engineering Co., Ltd. released its 2023 Annual Report.
The report disclosed that Offshore Oil Engineering made a historic breakthrough in its operating results, realizing sales revenue of 30.752 billion yuan (about US$4.271 billion) for the year, a record high. The total profit amounted to RMB 1.912 billion ( US$266 million), the highest in nearly seven years; net profit attributable to shareholders of listed companies was RMB 1.621 billion (about US$225 million), up 11.08% year-on-year.
By the end of December 2023, Offshore Oil Engineering had total assets of 43.252 billion yuan (about US$6.008 billion), net assets attributable to shareholders of the listed company of 24.795 billion yuan (about US$3.444 billion), and an asset-liability ratio of 38.09%. The capital structure continues to be sound, and the momentum of high-quality development has become more solid.
Offshore Oil Engineering is a listed company controlled by China National Offshore Oil Corporation. It is the only large general contracting company in China with capacities to undertake the design, procurement, construction, offshore installation, commissioning and maintenance of offshore oil and gas development projects, as well as the liquefied natural gas, offshore wind power, refining and chemical projects, etc. It is also one of the largest and the most competitive EPCI (engineering, procurement, construction and installation) contractors of offshore oil and gas projects in the Asia-Pacific region. The Company is headquartered in Binhai New Area, Tianjin. It was listed on Shanghai Stock Exchange (Stock Short Name: COOEC, Stock Symbol: 600583) on February 2002.
In 2023, Offshore Oil Engineering took high-quality development as its primary task, continuously enhanced its high-quality development skills, made every effort to guarantee the increase of domestic reserves and production, steadily expanded foreign market share, and endeavored to build a new development pattern of domestic and international double-cycle, so as to promote the construction of the world-class offshore energy engineering company with Chinese characteristics to achieve breakthrough results.
Offshore Oil Engineering efficiently pushed forward the production and construction tasks, and implemented 72 projects above the scale in the whole year, completing the workload of 472,000 tons.
The completion of the submarine pipeline laying for the “Deep Sea No. 1” Integrated Platform Offshore Project in the deep-water gas field marked an important breakthrough in China’s deep-water long-distance submarine pipeline construction capacity and deep-water equipment technology. Completion of the construction of the Haiji-2 deepwater jacket as its EPCI contractor in Zhuhai, Guangdong Province, setting two Asian records for height and weight at one stroke. Completion of the main structure of Asia’s first cylindrical FPSO marked that China has achieved a high level of autonomy in the design and construction of all types of FPSOs. The perfect delivery of the all core modules for the North American Shell LNG Project, which were built at the Qingdao site.
At present, Offshore Oil Engineering takes the initiative to integrate into the global market competition, realizes a milestone breakthrough in internationalization development, and is undergoing a historic transformation from an international engineering subcontractor to an international engineering general contractor. The acquisition of a number of projects in Saudi Arabia and Qatar is a solid step towards “creating another offshore engineering” in the Middle East.
The company’s annual market contracting volume was 33.986 billion yuan (about US$4.721 billion), of which 14.176 billion yuan (about US$1.969 billion) was overseas contracting volume, both of which hit a record high. For the first time, it was ranked 68th in the “Top 250 International Contractors” and 98th in the “Top 250 Global Contractors” in the ENR double list.
