Orders in hand reach 38.4 billion! CNOOC Engineering achieves record high profit in the first quarter

On April 25, 2025, Offshore Oil Engineering Co., Ltd. released its operating performance for the first quarter of 2025. In the first quarter, it achieved operating revenue of 5.096 billion yuan and net profit attributable to shareholders of listed companies of 0.541 billion yuan, setting a new record high for the same period.

In the first quarter of 2025, COOEC adhered to strategic leadership, focused on lean management, reduced costs, improved quality, increased efficiency, stabilized growth, and continuously improved its core competitiveness. The company maintained a stable safety situation, effective quality control, a robust capital structure, and ample funds. During the reporting period, the company achieved a contract value of 3.563 billion yuan. As of the end of the reporting period, the total backlog of orders was approximately 38.4 billion yuan, providing solid support for the steady development of the company's business.

During the reporting period, COOEC's domestic oil and gas business continued to target increased reserves and production, mainly undertaking projects such as the secondary adjustment of the Penglai 19-3 oilfield zones 1/2/3/8/9, the development of the Dongfang 13-3 gas field, and the development of the Kenli 10-2 oilfield; overseas business continued to focus on international development requirements, focusing on key overseas regional markets, continuously developing overseas market incremental volume, mainly undertaking projects such as the Total ALK marine pipeline replacement and the Shell HI wellhead platform EPF work package; green engineering business resolutely implemented the national "dual carbon" strategy, continued to practice the concept of green development, optimized the layout of new energy business, and continued to increase the efforts to expand new energy business.

COOEC continued to promote domestic and foreign engineering construction. In the first quarter, a total of 69 large-scale engineering projects were operated, of which 4 were completed, including the onshore construction of 10 jacket platforms and 2 modules, the offshore installation of 11 jacket platforms and 3 modules, and the laying of 79.8 kilometers of submarine pipelines and 6.6 kilometers of submarine cables. Land processing volume reached 109,700 tons, down 19.34% year-on-year; offshore operations such as installation input 5,900 ship-days, up 22.92% year-on-year.

Domestic business is steady and solid. The first phase of the Bozhong 26-6 oilfield development project was successfully completed, and the "integrated jacket" pre-assembly construction mode was increased to 81%; the independently designed and constructed Wenchang 16,000-ton marine oil and gas platform jacket successfully completed the highest installation in the Hainan sea area.

Overseas business is progressing steadily. The jacket for the Qatar ISND 5-2 project was completed. This project is the most comprehensive and complex international offshore oil and gas field EPC project undertaken by a Chinese company, and it received a 1 million safe man-hours commemorative award from the owner, which also indicates that COOEC's execution difficulty and technical requirements have reached internationally advanced levels.

Green engineering is being carried out efficiently. The Lulong Oilfield Group clean energy power supply transformation demonstration project, which is the world's largest single-unit capacity deep-sea tension leg floating wind power platform, has been successfully launched; the Yingqijiao European offshore wind power project, the largest overseas wind power project led by Chinese companies, has successfully entered the construction phase.

In the first quarter, COOEC actively carried out various technological innovation and research and development efforts, totaling 376 items, with all tasks progressing in an orderly manner. The company successfully completed the independent research and development of China's first deep-water subsea tree assembly airtightness test, which is currently China's largest water depth, highest pressure level, and widest temperature range oil tree, marking a solid step forward in the localization of deep-sea oil and gas development equipment; the first 100,000-level high-cleanliness room for marine oil and gas equipment was completed, creating a core competitiveness in the precision manufacturing of China's marine oil and gas equipment.