28.6 billion yuan! Chinese shipbuilding companies win a major offshore engineering contract

Recently, CNOOC Engineering successfully won two bids for the Bul Hanine (BH) project of QatarEnergy, with a contract amount of approximately 4 billion US dollars (about 28.612 billion RMB), setting a new record for Chinese companies in the Middle East region for marine oil and gas engineering project contract amounts. This marks a new breakthrough in the international marine oil and gas engineering construction capabilities of Chinese companies and is of great significance for promoting high-quality oil and gas cooperation under the "Belt and Road" initiative.

The project site is located in the Qatar waters of the Persian Gulf and includes four sections: new construction, underwater, modification, and abandonment. CNOOC Engineering won two of these sections. The main work includes the construction of multiple structures, laying of several subsea pipelines and cables, and modification of some existing facilities.

If the project is officially signed and successfully implemented, it will mark a major breakthrough in the deepening implementation of CNOOC Engineering's Middle East strategy, positively impacting the company's performance, promoting future business development, and laying a solid foundation for the company's overseas strategic planning.

It is understood that the QatarEnergy BH project aims to increase production at the Bul Hanine oilfield, one of Qatar's largest oilfields. The Bul Hanine oilfield plays a crucial role in Qatar's oil production portfolio. This expansion project is part of Qatar's long-term energy strategy, aiming to maintain and increase its oil production while heavily investing in LNG production growth.

In recent years, CNOOC Engineering has closely followed the strategic deployment of the group company, continuously promoting the development of strategic emerging industries while actively practicing the joint construction of the "Belt and Road" initiative. It has executed nearly 70 projects along the route, injecting momentum into local energy infrastructure construction and economic development.

The Middle East, as a key global energy strategic area, has always been an important market for CNOOC Engineering. Leveraging its strong EPCI general contracting capabilities and full industry chain service advantages, the company has continuously secured orders in the Middle East. This project win will further promote the company's deep participation in global oil and gas cooperation. In the future, the company will continue to consolidate and expand the Middle East market, providing solid support for serving the new development pattern of domestic and international dual circulation.

It is understood that at the beginning of last year, CNOOC Engineering received a $900 million EPC contract from QatarEnergy for subsea pipelines and cables for the third phase development of the Al-Shaheen offshore oilfield Ruya project. The company will be responsible for project management, detailed design, procurement, construction, transportation, installation, pre-commissioning, and related work for 38 subsea pipelines and 9 subsea composite cables within the Al-Shaheen oilfield area.

CNOOC Engineering is a listed company controlled by China National Offshore Oil Corporation (CNOOC). It is the only large-scale engineering general contractor in China integrating marine oil and gas development engineering design, procurement, construction, offshore installation, commissioning, maintenance, as well as liquefied natural gas, offshore wind power, refining and chemical engineering. It is also one of the largest and strongest marine oil and gas engineering general contractors in the Asia-Pacific region.

Currently, CNOOC Engineering has large marine engineering manufacturing bases in Tianjin Binhai, Qingdao in Shandong, Zhuhai in Guangdong, forming a site layout that spans north and south, with complementary functions, covering deep and shallow waters, and serving the whole world. It owns a specialized offshore construction fleet of 19 vessels, including a Class 3 dynamic positioning deepwater pipelay vessel and a 7,500-ton crane vessel. Its offshore installation and pipelaying capabilities are leading in Asia.

In the first half of this year, CNOOC Engineering achieved operating revenue of 11.318 billion RMB, with revenue decreasing by 15.72% year-on-year due to workload impact. Net profit attributable to shareholders of the listed company was 1.098 billion RMB, down 8.21% year-on-year. As of the end of June 2025, total assets were 47.828 billion RMB, net assets attributable to shareholders of the listed company were 26.484 billion RMB, and the asset-liability ratio was 40.37%. In the first half of the year, CNOOC Engineering signed new contracts totaling 12.068 billion RMB, and as of the end of June, the total order backlog was about 40.7 billion RMB.